January 30, 2025 Newswires

AM Best Maintains Under Review With Developing Implications Status for Credit Ratings of First Insurance Company

Business Wire

LONDON--(BUSINESS WIRE)--
AM Best has maintained the under review with developing implications status for the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of First Insurance Company (SFIC) (Jordan).

The Credit Rating (rating) action follows the announcement on 9 January 2025 that SFIC’s sister company, Solidarity Bahrain B.S.C., has signed a sale and purchase agreement (SPA) with Bahrain National Holding Company B.S.C. in relation to the acquisition of 100% of the issued share capital of each of Bahrain National Insurance Company B.S.C. (c) (BNI) and Bahrain National Life Assurance Company B.S.C. (c) (BNL) for a total purchase price of BHD 75 million. The signing of the SPA follows the previous announcement on 11 August 2024 that SFIC’s parent company, Solidarity Group Holding B.S.C. (c), agreed to purchase the operations of BNI and BNL.

The ratings are expected to remain under review with developing implications until the transaction closes and AM Best has assessed its impact on SFIC’s credit rating fundamentals.

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.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.