LONDON--(BUSINESS WIRE)--A.M. Best has commented that following the close of the merger transaction between Halyk-Kazakhinstrakh, Insurance Subsidiary Company of Halyk Bank of Kazakhstan, JSC (Kazakhinstrakh) (Kazakhstan) and JSC IC Kazkommerts-Policy (Kazkommerts-Policy) (Kazakhstan), on 29 August 2018, it will evaluate the impact of the transaction on Kazakhinstrakh’s Credit Rating (rating) fundamentals. A.M. Best expects to complete its evaluation within the fourth quarter of 2018.
On 6 February 2018, A.M. Best placed Kazakhinstrakh’s Financial Strength Rating of B++ (Good) and Long-Term Issuer Credit Rating of “bbb” under review with negative implications following the company’s announcement of its shareholder agreement to merge Kazkommerts-Policy into Kazakhinstrakh. The merger decision followed the 2017 acquisition of JSC Kazkommertsbank, Kazkommerts-Policy’s former parent, by JSC Halyk Bank, Kazakhinstrakh’s parent.
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