The rating on Kot Insurance Co. AG is based on a guarantee issued by the controlling company, Petróleos Mexicanos (PEMEX; local currency A-/Stable/–-; foreign currency BBB+/Stable/–-), a decentralized entity of the government of the United Mexican States; Kot's financial and operating performance; and its good reinsurance policies. Kot is a captive reinsurance company owned by PEMEX and established in Switzerland. Kot writes almost all of PEMEX's insurance protection and limits its operations exclusively to covering PEMEX's risks. Kot writes insurance policies on onshore assets such as refineries, offshore assets such as oil platforms and pipelines, third-party liability, cargo, and hulls. At the end of the second-quarter 2008, Kot registered a $30.4 million profit, recovering from $10 million net losses in...
Companies mentioned in this report are:
- Kot Insurance Co. A.G.
- Petroleos Mexicanos
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