A.M. Best Assigns Ratings to The Mediterranean & Gulf Insurance & Reinsurance Company (Medgulf Bahrain) B.S.C. (c) and Its Key Subsidiaries
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A.M. Best
Concurrently, an FSR of B++ (Good) and an ICR of "bbb+" have been assigned to
The ratings reflect the group's strong overall business profile, solid risk-adjusted capitalisation and robust operating performance.
Medgulf Bahrain has a strong regional franchise within the
Medgulf Bahrain's risk-adjusted capitalisation improved in 2012, benefiting from a capital injection of
Medgulf Bahrain exhibits robust operating profitability with a five year average combined ratio below 90 percent. The company recorded a technical profit of
Upward rating movement for Medgulf Bahrain is unlikely in the near term.
Downward rating pressure could occur if there were a prolonged deterioration in Medgulf Bahrain's operating performance and /or its risk-adjusted capitalisation were to decrease to a level not supportive of the current ratings.
The ratings of Medgulf KSA and Medgulf Lebanon receive rating enhancement from Medgulf Bahrain, given their strategic importance to the group.
Upwards and downwards rating movement of Medgulf Bahrain's key subsidiaries would result from a change in the stand-alone assessment, or a revision of the rating enhancement of the respective subsidiary.
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides an explanation of
A.M. Best
More Information:
Best's Credit Rating Methodology:
http://www.ambest.com/ratings/methodology
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