A.M. Best Places Credit Ratings of Halyk-Kazakhinstrakh, Insurance Subsidiary Company of Halyk Bank of Kazakhstan, JSC, Under Review with Negative Implications. These Credit Rating (rating) actions follow the company’s announcement on 25 January 2018 of its shareholder agreement to merge its sister insurer, JSC IC Kazkommerts-Policy (Kazkommerts-Policy), into Kazakhinstrakh. The merger decision follows the 2017 acquisition of JSC Kazkommertsbank, Kazkommerts-Policy’s parent, by JSC Halyk Bank, Kazakhinstrakh’s parent.
The merger is subject to regulatory approvals and is expected to complete during 2018. The ratings will remain under review until A.M. Best has completed its evaluation of the impact of the merger on Kazakhinstrakh’s rating fundamentals and the transaction has closed.
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