A.M. Best Downgrades Credit Ratings of JSC Salem Insurance Company; Places Credit Ratings Under Review With Negative Implications. Concurrently, A.M. Best has placed these Credit Ratings (ratings) under review with negative implications.
The ratings have been placed under review with negative implications, as A.M. Best needs to assess the implications of the regulatory action on the company’s profile and its ability to continue to write insurance business in Kazakhstan. Additional regulatory action, for example full suspension or withdrawal of the company’s insurance licence, or deterioration in Salem’s risk-adjusted capitalisation, likely will result in further negative rating actions.
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