Eurasia opens a new chapter in international reinsurance

Eurasia insurance company is expanding its international reinsurance reach. Chairman Kairat Chegebayev sets out its European priorities and the capacity it can bring to partners.

Key points:
Higher ratings widens market access
Regional expertise supports expansion
Europe a key focus of growth strategy 

By Kairat Chegebayev, chairman of the management board, Eurasia Insurance Company

In September, Eurasia Insurance Company achieved two rating milestones: S&P Global Ratings upgraded its long-term issuer credit rating to BBB+, while AM Best upgraded its financial strength rating to A− (Excellent). Beyond recognising our financial strength, these decisions open a new chapter in international development, broadening the markets, partners and reinsurance programmes in which we can participate. 

A 15-year journey

AM Best upgraded Eurasia’s financial strength rating from B++, first assigned in 2011, to A−, and its long-term issuer credit rating from BBB+ to A−, both with stable outlooks. Unchanged for 15 years, the rating upgrade reflects sustained capital accumulation, consistent profitability and disciplined risk management.

Moving from Good to Excellent represents more than another notch, reflecting an excellent ability to meet ongoing insurance obligations.

AM Best assesses Eurasia’s balance sheet strength as very strong, operating performance as strong, and risk-adjusted capitalisation, measured by Best’s capital adequacy ratio (BCAR), at the strongest level.

Our long-standing ability to generate earnings and build capital underpins the upgrade. We have retained a substantial proportion of profits over many years, supported by a shareholder-approved policy allocating a significant share of earnings to capitalisation.

AM Best also recognises our relatively conservative investment portfolio and good liquidity. In 2025, Eurasia reported a combined ratio of 71.2% and return on equity of 22%, with ROE reaching 32% in the first half of 2026.

Above sovereign rating

S&P upgraded Eurasia’s long-term issuer credit rating to BBB+, with a stable outlook, citing improved operating performance, stronger liquidity, prudent investment and substantially higher return on equity.

Eurasia retains the highest S&P rating among insurers in the Commonwealth of Independent States, one notch above Kazakhstan’s sovereign rating. S&P also affirmed its national scale rating at kzAAA.

The agency recognises the positive contribution of Eurasia’s substantial international reinsurance portfolio, supported by high-quality investment assets outside Kazakhstan. Very strong capitalisation, high profitability, adequate liquidity and investment portfolio quality enable Eurasia to withstand even S&P’s severe hypothetical stress scenario involving a Kazakhstan sovereign default.

S&P’s previous upgrade to BBB was in 2019. Reaching the next level required more than seven years of sustained effort. The sovereign rating remains a key constraint on further upgrades, reinforcing our strategy to develop reinsurance and increase its portfolio share.

“For European insurers and brokers, Eurasia can provide an additional source of reinsurance capacity.”

New horizons

Regulators across developed and emerging markets have tightened foreign reinsurer requirements in recent years, particularly minimum ratings and additional reserving requirements for ceded risks.

AM Best’s A− rating significantly broadens Eurasia’s potential partner base and programme access. It meets a wider range of financial strength requirements within regulatory frameworks, insurers’ internal security guidelines and international brokers’ counterparty criteria.

For European insurers and brokers, Eurasia can provide an additional source of reinsurance capacity, particularly where partners seek to diversify their panels, secure consistent underwriting support and build long-term relationships.

Our strategic focus in Europe includes Germany, France, the UK, Switzerland, Austria, Benelux and Scandinavia. We are interested in domestic risks and European insurance groups’ international portfolios, including industrial and infrastructure projects in Kazakhstan, Central Asia and other regions where we bring local expertise.

Eurasia can currently deploy up to $25 million per risk in property damage and business interruption, machinery breakdown, and oil and energy; $20 million in construction/erection all risks and marine; and $10 million in aviation and space, general liability and personal accident. Regulations permit retained exposures of up to approximately $150 million on our balance sheet.

The rating upgrade also supports Eurasia’s broader international strategy. Its branch in GIFT City, India, which began operations in 2026, is already positioned to meet the tighter rating requirements for foreign reinsurers expected from 2027.

For Kazakhstan, having an A−-rated reinsurer expands the domestic market’s options for placing major risks and accessing international capacity. For Eurasia, it marks the next stage of development: from Kazakhstan’s largest insurer to a more prominent participant in the international reinsurance market.

Our ambition extends beyond expanding our geographical footprint. We want to build long-term relationships with international insurers, brokers and reinsurers, offering capital, regional expertise and a consistent approach to underwriting. Baden-Baden provides exactly the kind of marketplace where these relationships can be built and developed.

Kairat Chegebayev is chairman of the management board at Eurasia Insurance Company, and can be contacted at: Kairat.Chegebayev@theeurasia.kz

For more news from Baden-Baden Today, click here.

Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.