The credit rating of Thuricum Insurance Company JSC (hereinafter, Thuricum IC JSC or the Company) is based on the is based on ACRA’s assessment of the Company’s business profile as adequate, as well as the Company’s strong scores for asset quality, capital adequacy and liquidity.
Thuricum IC JSC is an insurance company whose core area of business is insuring corporate risks, an area in which it has deep expertise. The Company plans to expand its insurance product line by adding retail insurance products.
KEY ASSESSMENT FACTORS
Adequate assessment of business profile. The Company has a small market share: according to the Bank of Russia, its insurance premiums in 2025 amounted to RUB 490 mln (0.03% of the total premiums in Russia for non-life insurance). At the same time, the geographic and product diversification of business is strong. Over the specified period, the share of insurance premiums per region does not exceed 35%. The share of the largest type of insurance in the Company’s portfolio — voluntary insurance of the property of legal entities (excluding insurance of vehicles, cargo, and agricultural risks) stood at 42%. ACRA positively assesses the experience of the Company’s management, risk management system, and strategic planning and governance processes. The overall score for the stability of the business model is adequate. According to ACRA’s estimates, the average return on assets for 2023–2025 was approximately 5.5%, which corresponds to an adequate assessment of operational efficiency.
Strong asset quality assessment. The Company’s assets are mainly investments in deposits at banks that have high credit quality, and receivables from reinsurance companies. As of December 31, 2025, the ratio of high risk assets to equity was 1%, which corresponds to a strong assessment of asset quality. ACRA does not note any significant risks associated with asset concentration. The average credit quality of counterparties under outgoing reinsurance contracts is high.
The strong capital adequacy score reflects the values of the regulatory ratios calculated as per the Bank of Russia’s requirements. As of December 31, 2025, the capital adequacy ratio (regulatory ratio) was 3.31, which corresponds to a strong assessment. Taking into account the Company’s plans for 2026–2028, the Agency believes that this capital adequacy score will be maintained in the medium term. The results of stress testing of capital adequacy did not impact the assessment of the factor.
The strong liquidity assessment stems from the assessment of the current liquidity ratio calculated in accordance with ACRA’s methodology. The value of the ratio exceeded 400% as of December 31, 2025. The results of the stress testing of liquidity carried out by the Agency did not impact the score for the factor.
KEY ASSUMPTIONS
-
Maintaining high capital adequacy;
-
Maintaining the current investment and asset management principles;
-
Maintaining the Company’s ownership structure.
POTENTIAL OUTLOOK OR RATING CHANGE FACTORS
The Stable outlook assumes that the rating will highly likely stay unchanged within the 12 to 18-month horizon.
A positive rating action may be prompted by:
- Significant increase of the Company’s share in the Russian insurance market.
A negative rating action may be prompted by:
-
Lower assessment of operational efficiency;
-
Deterioration of asset quality;
-
Lower capital adequacy score against the backdrop of weakening regulatory ratios and an increase of insurance risk retained by the Company.
RATING COMPONENTS
Standalone creditworthiness assessment (SCA): а+.
ISSUE RATINGS
There are no outstanding issues.
REGULATORY DISCLOSURE
The credit rating has been assigned to Thuricum Insurance Company JSC based on the following methodologies: the Methodology for Assigning Credit Ratings to Insurance Companies under the National Scale for the Russian Federation to calculate the SCA and determine the credit rating and the credit rating outlook of Thuricum Insurance Company JSC under the national scale for the Russian Federation and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities to ensure consistent and uniform application of ACRA’s methodologies, rating scales, models, and key rating assumptions.
A credit rating of Thuricum Insurance Company JSC assigned under the national scale for the Russian Federation has been published for the first time.
The credit rating and its outlook are expected to be revised within one year.
The credit rating was assigned based on data provided by Thuricum Insurance Company JSC, information from publicly available sources, and ACRA’s own databases. The rating analysis was performed using the RAS accounting (financial) statements of Thuricum Insurance Company JSC as of December 31, 2025.
The credit rating is solicited and Thuricum Insurance Company JSC participated in its assignment.
In assigning the credit rating, ACRA used only information, the quality and reliability of which were, in ACRA’s opinion, appropriate and sufficient to apply the methodologies.
ACRA provided no additional services to Thuricum Insurance Company JSC during the year preceding the rating action.
No conflicts of interest were discovered in the course of credit rating assignment.
