MANAMA: Solidarity Bahrain, the new entity resulting from the merger of Al Ahlia Insurance Company and Solidarity General Takaful, has been rated B++ (Good) with a stable outlook by AM Best.
The international rating agency said that the firm’s issuer credit rating is bbb with a positive outlook.
This follows a rating review exercise after the completion of the merger between the two subsidiaries of Solidarity Group Holding.
According to AM Best officials, the ratings of Solidarity Bahrain reflect its sound level of risk-adjusted capitalisation, niche market positioning and good level of risk profile, well-diversified investment, strength of balance sheet, and good financial flexibility as a listed company on the Bahrain Bourse.
Solidarity Group chief executive Ashraf Bseisu said, “With the continued international recognition and accreditation of our major operating platforms, the group has managed to establish its position as the leading industry player in the region, setting it apart from all but a handful of regional market players”.
Solidarity Bahrain general manager Jawad Mohamed said despite a highly challenging market conditions and operating environment, the company had got an issuer credit rating with a positive outlook.
“Solidarity Bahrain has positioned itself as the only rated Takaful company and one of few rated insurance companies operating within the Bahraini market,” he added.