A.M. Best Changes Credit Ratings of JSC Salem Insurance Company Following Regulatory Action

LONDON–(BUSINESS WIRE)–A.M. Best has removed from under review with negative implications and changed the Financial Strength Rating to a Non-Rating Designation of E (Under Regulatory Supervision) from C (Weak) and the Long-Term Issuer Credit Rating to “e” from “ccc+” of JSC Salem Insurance Company (Salem) (Kazakhstan), following regulatory actions that prevent the company from writing business for six months. These actions follow announcements by the National Bank of Kazakhstan, on 9 February