Fitch Ratings has assigned Kazakhstan Energy Reinsurance Company (KERC) an insurer financial strength (IFS) rating of 'BBB' and a national IFS rating of 'AAA'. The ratings reflect KERC's core captive status to Kazakhstan's Sovereign Wealth Fund Samruk-Kazyna JSC (SK), the ratings company says, in addition to the reinsurer's high level of integration with SK. KERC is indirectly owned by JSC National Company KazMunayGas, which is ultimately majority-owned by SK. However, for the purpose of assessing the captive status of KERC, Fitch views SK as its parent. Fitch’s key rating drivers are KERC’s core captive status, mission tied to parent’s, business fully derived from parent, strong capitalisation and strong retrocession programme.
