ICRA assists Bulgarian rating agency

By Our Banking Bureau | 17 Jan 2005

New Delhi: ICRA Ltd has recently assisted the Bulgarian Credit Rating Agency (BCRA) in executing two rating assignments. A team of ICRA analysts was deputed to Sofia in Bulgaria to assist BCRA with these assignments.

These assignments involved assessing the claims paying ability of Bulstrad General Insurance Company (Bulstrad), and also evaluating the pension funds managed by Doverie for their management and investment quality, according to an ICRA release.

Both the evaluated companies form part of the TBIH group, an associate of the Kardan group of Israel, which has considerable business interests in Bulgaria. While Bulstrad is the largest general insurance company in Bulgaria with an estimated market share of 17 per cent, Doverie is the second largest pension fund company in Bulgaria.