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GCR Rates Sovereign Trust Insurance With Stable Outlook

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The International Credit Rating Agency, Global Credit Rating Limited(GCR), has, in its recent rating carried out in 2021, confirmed Sovereign Trust Insurance(STI) Plc as an A rated underwriting firm in the  Nigerian insurance sector.

The rationale behind the current rating from A-to A, according to GCR is based on the company’s renewed financial position and stable outlook from a statutory solvency perspective in the last three years.

It will be recalled that the underwriting firm in 2019 increased its shareholders’ funds from N4.1 billion to N5.6 billion through the Rights Issue that was carried out in that year, in line with the capitalisation agenda of the company to occupy a leadership position in the insurance sector.

The rating agency posited that the company’s solvency margin improved remarkably, and it is very much in compliance with the proposed regulatory capital requirement for the industry.

According to GCR,, Sovereign Trust Insurance Plc has a strong direct business generation capacity, which has over time stimulated retail segment penetration. The premium mix is considered well diversified and can still be improved upon in the years ahead.

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