Oakhurst’s global credit rating upgraded despite challenging economic times
Johannesburg, 22 November 2019 – GCR Ratings (“GCR”) has revised Oakhurst Insurance Company Limited’s (“Oakhurst”) national scale financial strength (formerly claims ability) rating to A(ZA) from A-(ZA), with the outlook accorded as Stable.
Oakhurst’s national scale financial strength rating reflects a moderately strong financial profile, which is counterbalanced by a limited business profile.
Oakhurst’s liquidity is strong, as evidenced by stressed financial asset coverage of net technical liabilities of 4.3x (FY18: 3.3x)
The stable outlook reflects expectations of stable capitalisation and liquidity strength, while factoring in potential for underwriting profitability to remain at similar levels over the outlook horizon.
Positive rating action may stem from an enhanced business profile while all other credit protection metrics remain within moderately strong ranges.
“The rating increase is testimony of Oakhurst’s resilience in a very competitive market. This stems from our tenacious, focussed and disciplined approach in establishing long lasting relationships with our business partners and clients. It confirms our strong foundations from which we launch into the future, really caring and delivering on providing soft landings in tough economic times when our clients and partners need it most” comments Simon Phage CEO of Oakhurst Insurance.