AM Best Affirms Credit Ratings of Bahrain Kuwait Insurance Company B.S.C.
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Bahrain Kuwait Insurance Company B.S.C. (GIG Bahrain) and its subsidiary, Takaful International Company BSC (GIG Bahrain Takaful), both of which are domiciled in
The ratings reflect GIG Bahrain’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The ratings also factor in lift from GIG Bahrain’s parent company,
GIG Bahrain Takaful’s ratings consider its strategic importance to GIG Bahrain. GIG Bahrain Takaful provides a platform to underwrite takaful business domestically and increases the overall operation’s market share and product offerings in
GIG Bahrain’s balance sheet strength is underpinned by risk-adjusted capitalisation that was at the strongest level at year-end 2022, as measured by Best’s Capital Adequacy Ratio (BCAR). GIG
GIG Bahrain’s strong operating performance is demonstrated by a five-year (2018-2022) weighted average return-on-equity ratio of 9.5%, as calculated by AM Best, with earnings over this period supported by underwriting and investment results. GIG Bahrain’s underwriting profitability continues to support overall earnings, generating positive returns on the non-life account over the past five years, evident by a five-year (2018-2022) weighted average combined ratio of 93.7%, as calculated by AM Best. AM Best expects the company’s prospective underwriting performance to remain strong.
GIG
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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Source: AM Best
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