On June, 30th Rating Agency ‘Expert Rating’ published the updated rating report of JSC IC ‘MIR’. The report contains the analysis of company operations in 2008. The analytical service of the Agency notes that over the last 5 years JSC MIR increased the assets and the shareholders equity more than by 4 times and practically triplicated the annual gross premiums.

By results of rating research, it is possible to draw the following main conclusions:
1. IC MIR is one of the oldest insurance companies of Ukraine having such clients as National Aviation
University, Ceragem-Ukraine ltd, Energoservis Kievenergo branch, JSC Chumak, Department of Veterinary Medicine of the Ministry for Agrarian Policies of Ukraine. IC MIR occupies certain market share. As a whole, the market share of the company is estimated by Expert Rating RA at the level of not less than 1%.
2. In past IC MIR had strongly pronounced specialization in freight and luggage insurance. However, in
2008 the company succeeded in reverting the situation and considerably to improve insurance activities
diversification both by insurance types and by clients. It became one of the reasons of Company rating rise in 2009.
3. IC MIR pursues weighed assets management policy: 99% of the assets are placed in banks with high and good reliability levels, according to pi-ratings by Expert Rating RA. It is impossible to recognize as liquid part of earning assets of the company, however cash resources and cash equivalents do historically cover obligations of the company with a good redundancy.
4. The reinsurance portfolio of the company contains an insignificant number of rated reinsurers. This is a systemic problem, explained by that from near 400 insurers registered in Ukraine, less than seven are rated. The Agency admits that reinsurance covering quality evaluation of the company is rather complicated.
5. The company has good grounds for increase of the shareholders equity both at the expense of earnings capitalization, and at the expense of external sources. Within the analyzed period, the company doubled the authorized capital twice, demonstrating the capacity of the shareholders. The Agency positively evaluates company’s possibilities on attraction of external investors. The company is incorporated as Open JSC; it has Corporate Governance Code, an experience of work with minority shareholders, normal level of profitability.

Details of the Press Release

Updated rating report of JSC IC MIR (engl.)