UAP gets A+ rating
UAP Insurance, formerly United Assurance Company, has been accorded an A+ rating by the Global Credit Ratings (GCR).<br>GCR is an international global rating agency.
By Charles Bwogi
UAP Insurance, formerly United Assurance Company, has been accorded an A+ rating by the Global Credit Ratings (GCR).
GCR is an international global rating agency.
“The rating is based on UAP’s leading position as the largest indigenous non-life participant in Uganda prior to its majority acquisition by UAP Provincial of Kenya,†said a statement from GCR.
Mathew Koech, the UAP Insurance managing director, said the company’s history of good performance, its financial standing and the ability to pay claims, contributed towards the acquisition of the rating.
“The rating should act as a guide to the insuring public on where to get good services as opposed to the pricing,†Koech said.
The company registered retained earnings of sh1.6b and unrealised investment income of sh713m, according to available data.
Shareholders funds also increased by 20% to sh6.8b in 2006.
The GCR statement explained that consideration was given to the company’s reinsurance programme involving companies like Swiss Re and Hanover Re, which have helped reduce UAP’s risk exposure to less than 5% of capital.
UAP Insurance, formerly United Assurance Company, has been accorded an A+ rating by the Global Credit Ratings (GCR).
GCR is an international global rating agency.
“The rating is based on UAP’s leading position as the largest indigenous non-life participant in Uganda prior to its majority acquisition by UAP Provincial of Kenya,†said a statement from GCR.
Mathew Koech, the UAP Insurance managing director, said the company’s history of good performance, its financial standing and the ability to pay claims, contributed towards the acquisition of the rating.
“The rating should act as a guide to the insuring public on where to get good services as opposed to the pricing,†Koech said.
The company registered retained earnings of sh1.6b and unrealised investment income of sh713m, according to available data.
Shareholders funds also increased by 20% to sh6.8b in 2006.
The GCR statement explained that consideration was given to the company’s reinsurance programme involving companies like Swiss Re and Hanover Re, which have helped reduce UAP’s risk exposure to less than 5% of capital.