The credit rating of Thuricum Insurance Company JSC (hereinafter, Thuricum IC JSC or the Company) under the international scale is determined by ACRA’s assessment of the Company’s business profile at bb-, 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
Business profile is assessed as bb-. The business profile assessment has been formed based on the assessment of the operating environment, as well as taking into account the Company’s position in the insurance market.
Thuricum IC JSC operates mainly in the jurisdiction of the Russian Federation. The level of maturity of the Russian insurance market puts pressure on the core assessment of the operating environment. ACRA assesses it as low, since the share of the total volume of accrued premiums for all types of insurance in the country’s GDP over the past five years does not exceed 2%.
The Company has a small market share: according to the Bank of Russia, its insurance premiums amounted to RUB 490 mln in 2025 (0.01% of the total insurance premiums in Russia). At the same time, the geographic and product diversification of business is strong. The Company operates in several markets and across a fairly wide range of insurance types. ACRA also positively assesses the experience of the Company’s management, risk management system, and strategic planning and governance processes, which favorably distinguish Thuricum IC JSC among its peers.
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
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Maintaining high capital adequacy;
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Maintaining the current investment and asset management principles;
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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:
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Better assessment of the operating environment;
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Significant increase of the Company’s share in the Russian insurance market.
A negative rating action may be prompted by:
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Worse assessment of the operating environment;
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Deterioration of asset quality, capital adequacy, or liquidity.
RATING COMPONENTS
Standalone creditworthiness assessment (SCA): bbb-.
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 International Scale to calculate the SCA and determine the credit rating and the credit rating outlook of Thuricum Insurance Company JSC under the international scale 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 international scale 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.
