GCR places International Commercial & Engineering ICE Seguros, SA’s national scale financial strength rating of A-(MZ) on “Review Extension”
Rating action
Johannesburg, 30 June 2021 – GCR Ratings (“GCR”) has placed International Commercial & Engineering ICE Seguros, SA’s (“ICE”) national scale financial strength rating of A-(MZ) on ‘Review Extension’. The rating process is ongoing and GCR expects to publicly release the updated rating result by 31 July 2021. The rating assigned in the last review is still valid and remains unchanged until the review process is completed.
Analytical contacts
Primary analyst
Marlaine Fleur Ngassa
Analyst: Insurance Ratings
Johannesburg, ZA
Marlainen@GCRratings.com
+27 11 784 1771
Secondary analyst
Tichaona Nyakudya
Senior Analyst: Insurance Ratings
Johannesburg, ZA
TichaonaN@GCRratings.com
+27 11 784 1771
Committee chair
Godfrey Chingono
Deputy Sector Head: Insurance Ratings
Johannesburg, ZA
GodfreyC@GCRratings.com
+27 11 784 1771
Related criteria and research
Criteria for the GCR Ratings Framework, May 2019
Criteria for Rating Insurance Companies, May 2019
GCR Ratings Scale, Symbols & Definitions, May 2019
GCR Country Risk Scores, June 2021
GCR Insurance Sector Risk Score, April 2021
Ratings history
International Commercial & Engineering ICE Seguros, SA
Rating class
Review
Rating scale
Rating
Outlook/Watch
Date
Claims paying ability
Initial
National
BBB+(MZ)
Stable Outlook
April 2015
Financial strength
Last
National
A-(MZ)
Stable Outlook
June 2020
Salient Points of Accorded Rating
GCR affirms that a.) no part of the rating process was influenced by any other business activities of the credit rating agency; b.) the rating is based solely on the merits of the rated entity, security or financial instrument being rated; and c.) such rating is an independent evaluation of the risks and merits of the rated entity, security or financial instrument.
The credit rating has been disclosed to the rated entity. The rating was solicited by, or on behalf of, the rated entity, and therefore, GCR has been compensated for the provision of the rating. The rated entity participated in the rating process via virtual management meetings, and other written correspondence.
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