Solidarity Bahrain credit rating upgraded
Monday, 01 20 2020, Category: Rating, Country: Bahrain
Solidarity Bahrain, one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding, yesterday announced that AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” from “bbb” and affirmed the Financial Strength Rating (FSR) of B++ (Good) with a stable outlook.
The Long-Term ICR upgrade reflects the improvement in the business profile, achieved through a stronger competitive position in Bahrain, following the integration of Al Ahlia Insurance Company, acquired in 2016.
According to AM Best, this credit rating reflects Solidarity Bahrain’s balance sheet strength, which AM Best categorised as very strong, and underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), its good liquidity, and its financial flexibility, with access to the debt and the equity markets and appropriate enterprise risk management framework.