The credit rating of Bull Ins Insurance Company AD was confirmed by the Bulgarian Credit Rating Agency (BCRA). Thus, the company maintains a stable perspective for payment of claims with long-term rating iBBB + and short-term ia.
One of the main reasons that led BACR to confirm the rating of the insurance company is the stable and well-structured reserves of the company. For the first half of 2013 the technical reserves of Bull Ins Insurance Company AD reached BGN 85 million, as BGN 31 million are held in some of the most liquid financial instruments - bank deposits and government securities.
Technical provisions are an important indicator because they represent the ability of an insurer to cover its future liabilities. In addition to stable reserves, BACR also distinguishes the process of the company to restructure the insurance portfolio.
Since last year, Bull Ins has started a process of increasing the company's market share in segments outside the field of car insurance, with positive results. Bull Ins has increased its total income on all insurance by 13% compared to the same period last year. BACR also honors the company's achievements in the modernization of business processes.
In the analysis of the activity of Bull Ins, the rating agency also notes that the processes for optimization of the subscription activity and for liquidation of the damages continue. "Given the deteriorating economic situation and the general decline in the services market, the confirmation of the credit rating of Bull Ins Insurance Company and maintaining a stable outlook can be considered a serious achievement," said the company's executive director Assoc. Prof. Stoyan Prodanov. "In a deteriorating business environment, a selective approach to risk is key to maintaining the company's security.
The fact that the company is focused on maximizing profits is a guarantee of its stability. As of June 31, Bull Ins has realized a positive financial result of BGN 3 million, and we hope that the annual profit will increase and reach higher levels compared to 2012, "he added.
Source: profit.bg