Johannesburg, 03 Jan 2014 — Global Credit Ratings has extended the “Under Review” of Law Union and Rock Insurance Plc’s national scale claims paying ability rating of BBB+(NG). While the initial “Under Review” period recently expired, GCR has extended the “Under Review” for one additional month, taking into consideration delays related to the Nigerian industry’s transition to IFRS-based accounts. GCR has received documentation pertaining to the current rating review and expects to publically release an update on the rating by 31 Jan 2014.
NATIONAL SCALE RATINGS HISTORY
Initial rating (Oct/2008)
Claims paying ability: A-(NG)
Last rating (Oct/2012)
Claims paying ability: BBB+(NG)
Regional Sector Head: Insurance
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Sector Head: Financial Institution Ratings
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