Zimnat Lion Insurance Company Limited

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Zimnat Lion Insurance Company Limited (2021-12)
  • Zimnat Lion Insurance Company Limited
  • Year : Dec 2021
3 Tokens
USD 300.00
Summary

MHM issued an unconditional, irrevocable guarantee in favour of Zimnat Lion’s policyholders, which will result in MHM paying policyholder obligations owed by Zimnat Lion to “its insurance counterparties, should the company be unable to pay upon a claim that has been assessed as due”. GCR reviewed the guarantee together with the legal opinion, as well as relevant board resolutions, and is satisfied that it meets the relevant conditions of unconditionality, irrevocability, timeliness and ranking in line with MHM’s own creditors.

Additional Information

The Stable Outlook reflects GCR’s expectations that Masawara’s earnings performance will not reduce below the current range, as the hospitality business recovers from the lockdown supported by regional operations and profitability of the ICT subsidiary. An upgrade is considered unlikely, given that the insurer’s rating is limited to Masawara’s issuer rating strength, which is at the ceiling. Conversely, downward rating movement may follow a weakening in Masawara’s credit profile.

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