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Oakhurst’s global credit rating upgraded despite challenging economic times

28 November 2019 Oakhurst Insurance Company Limited

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)

Outlook Statement
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.

Rating triggers
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.

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QUESTION

South Africa’s Financial Sector Conduct Authority (FSCA) has the power to raise revenues by issuing administrative penalties and fines against non-compliant financial services providers, with this money flowing back to the Treasury… Does this, in your view, create a regulatory / government conflict of interest?

ANSWER

Absolutely, as conflicted as it gets
Maybe, I’m on the fence on this
No, the FSCA can do no wrong
The guilty must pay
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