SEPTEMBER 23, 2020 09:59 AM (EDT)

AM Best Revises Under Review Status to Negative for Credit Ratings for Noor Takaful General PJSC and Noor Takaful Family PJSC


CONTACTS:
 Algirdas Karvelis, ACA
Financial Analyst
+44 20 7397 0285
algirdas.karvelis@ambest.com

Alex Rafferty, ACA
Associate Director, Analytics
+44 20 7397 0312
alex.rafferty@ambest.com


Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

FOR IMMEDIATE RELEASE

LONDON - SEPTEMBER 23, 2020 09:59 AM (EDT)
AM Best has revised the under review status to negative from developing for the Financial Strength Ratings of B (Fair) and the Long-Term Issuer Credit Ratings of “bb” of Noor Takaful General PJSC (NTG) (United Arab Emirates) and Noor Takaful Family PJSC (NTF) (UAE).

On 27 February 2020, AM Best placed NTG’s and NTF’s Credit Ratings (ratings) under review with developing implications following an announcement on 18 February 2020 by Dar Al Takaful PJSC (DAT), a midsize Takaful company operating in the UAE market, that it had entered into exclusive negotiations to acquire NTG and NTF. The transaction subsequently closed on 26 July 2020.

The ratings have been placed under review with negative implications as AM Best expects the newly formed group’s consolidated financial leverage to be higher than initially anticipated due to the transaction being funded entirely by debt. The ratings are expected to remain under review pending AM Best’s assessment of the consolidated financial strength of the newly created group, and the impact that this could have on the credit fundamentals of NTG and NTF, as well as completion of detailed discussions with the group’s management.

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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.


Related Companies

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AMB# Company Name
090644 Noor Takaful Family PJSC
090591 Noor Takaful General PJSC