A.M. Best affirms credit rating of A- (Excellent) with stable outlook of GIG Bahrain

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

A.M. Best International affirmed the financial strength rating A- (Excellent) and the long-term issuer credit rating of “A-“of Bahrain Kuwait Insurance Company (GIG Bahrain), and the outlook for both ratings is stable.

The ratings reflect GIG Bahrain’s balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

The ratings also factor in the financial strength of GIG Bahrain’s parent company, Gulf Insurance Group K.S.C.P., due to its strategic importance to the group.

Dr Abdulla Sultan, CEO of GIG Bahrain stated that the management is pleased with the A- Credit Rating given to the company and its subsidiary. The rating reflects the financial strength of the company and its ability to meet its short and longterm obligations.

He added that the company has performed exceptionally well in recent times and is working on various strategic initiatives within the digital arena which is a key focus area.

“More and more, our clients are becoming mindful to the importance of the insurance company’s credit rating, especially when it comes to entrusting them with their high valued assets.

It may be noted that GIG Bahrain and its subsidiary GIG Bahrain-Takaful are the only local Bahraini insurance companies to be rated A-. GIG Bahrain is a subsidiary of Gulf Insurance Group (GIG) which is the largest insurance Group in Kuwait in terms of written and retained premiums, with operations in the life and non-life as well as Takaful insurance.

Gulf Insurance has become one of the largest insurance networks in the Middle East and North Africa with companies in Bahrain, Saudi Arabia, Jordan, Lebanon, Syria, Egypt, Algeria, Iraq, Emirates, Turkey, and Kuwait.

KIPCO – Kuwait Projects Company – is Gulf Insurance Group’s largest shareholder, followed by the Canadian-based Fairfax Financial Holding Ltd.