AM Best has downgraded the Financial Strength Rating to C- (Weak) from C+ (Marginal) and the Long-Term Issuer Credit Rating to “ccc-” (Weak) from “b-” (Marginal) of Trust Insurance JSC (Trust Insurance) (Uzbekistan). The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive rating process.

The ratings reflect Trust Insurance’s balance sheet strength, which AM Best assesses as weak, as well as its adequate operating performance, limited business profile and weak enterprise risk management (ERM).

The rating downgrades follow the revision of Trust Insurance’s balance sheet strength, which reflects the deterioration of the company’s risk-adjusted capitalisation to the very weak level as at year-end 2024, as measured by Best’s Capital Adequacy Ratio (BCAR). This was driven by the company’s rapid premium growth and significant increase in its reported reserves, as well as the substantial investment concentration and has highlighted shortcomings in its corporate governance. The balance sheet strength assessment also considers the company’s asset quality, which is constrained by the elevated financial system risk associated with Uzbekistan, where the assets are concentrated.

Trust Insurance is expected to build a track record of adequate operating performance as it executes its business plan. Although the technical profitability in the initial years of operation was challenged by the company’s start-up nature, Trust Insurance reported positive underwriting results in 2024, as illustrated by the net combined ratio of 92% (as calculated by AM Best). AM Best expects the company to grow its earnings and maintain positive technical profitability over the business cycle, notwithstanding the execution risk associated with its planned scale up.

Trust Insurance is a relatively new player in the highly competitive Uzbek market. Despite significant growth in recent years, the company remains small, with the company reporting gross written premium of approximately UZS 150 billion (USD 12 million) in 2024. Trust Insurance’s limited business profile assessment also factors in the company’s high geographic concentration as its business is sourced predominantly from Uzbekistan.

Trust Insurance’s weak ERM assessment reflects risk management capabilities that are at an early stage of development and largely not commensurate with the company’s risk profile.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260310363588/en/

Sergey Trofimov, FIA, FRM, CAIA, CFA
Senior Financial Analyst
+44 20 7397 0321
sergey.trofimov@ambest.com

Todor Kitin, ACA
Associate Director, Analytics
+44 20 7397 0335
todor.kitin@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

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