AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of Arab Reinsurance Company S.A.L. (Arab Re) (Lebanon) and maintained the “negative” outlooks. This underlines the historical drive of Arab Re in achieving financial strength and solvency aligned with continuous efforts to meet the expectations of cedants and expand its business based on sound underwriting guidelines. Arab Re has maintained its rating in light of the current economic and political challenges, as well as the competitive environment of the reinsurance market in the Arab region and the negative impact of the sovereign rating of the Lebanese republic.

These credit ratings reflect Arab Re’s balance sheet strength, which AM Best categorises as very strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management.

Furthermore, Arab Re has a stable business profile in its core markets in the Middle East and North Africa (MENA) region, which is built upon the company’s original role as a reinsurer for the Arab insurance market and its longstanding strong relationships with cedants.