GIG Gulf, part of Gulf Insurance Group, said that AM Best has reaffirmed its financial strength rating (FSR) of A (Excellent) and long-term issuer credit rating (ICR) of “a+” (Excellent), marking the fifth consecutive year the company has maintained the ‘A’ rating.
The outlook for both ratings remains stable, according to a company statement.
The affirmation reflects GIG Gulf’s financial stability and its strategic importance as a key subsidiary of the Gulf Insurance Group (GIG Group), which holds an ‘A’ (Excellent) FSR and “a” (Excellent) ICR from AM Best, also with a stable outlook. GIG Gulf’s ratings also factor in its importance to its ultimate parent, Fairfax Financial Holding.
GIG Gulf ranks among the top five insurers in its core markets, with operations spanning Bahrain, Oman, Qatar, and the UAE. The company also holds a 50 per cent stake in Gulf Insurance Group in Saudi Arabia.
“The affirmation of our ‘A’ rating is a testament to GIG Gulf’s clear focus on profitability, a disciplined approach to risk, strong internal governance, and a growing regional presence,” said GIG Gulf chief executive officer Paul Adamson.
“GIG Gulf is well-positioned to keep thriving in the Middle East’s dynamic insurance market. The ratings reinforce our commitment to delivering sustainable growth and long-term value for our customers, partners, and shareholders across the region,” he added.
&uuid=(email))