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FOR IMMEDIATE RELEASE
LONDON - FEBRUARY 03, 2020 09:27 AM (EST)
AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Takaful International Company BSC (gig-Bahrain Takaful) (Bahrain), the ultimate parent of which is Gulf Insurance Group K.S.C.P. (GIG). Gig-Bahrain Takaful is a member of GIG’s non-lead rating unit, Bahrain Kuwait Insurance Company B.S.C. (gig-Bahrain). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect gig-Bahrain’s balance sheet strength, which AM Best categorises as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The ratings also reflect gig-Bahrain Takaful’s strategic importance to and integration with gig-Bahrain.
gig-Bahrain Takaful provides GIG with a platform to underwrite Islamic insurance business in Bahrain. The company is a leading takaful insurer in Bahrain, and following the acquisition of a controlling stake by gig-Bahrain in 2017, has increased GIG’s market share in the country to approximately 20%. Following its acquisition by gig-Bahrain, the company reported stronger technical results, with further improvements expected from operational synergies. The company also benefited from a material capital injection of BHD 2.3 million in 2018.
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.