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FOR IMMEDIATE RELEASE
LONDON - OCTOBER 06, 2021 09:06 AM (EDT)
AM Best has commented that the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Solidarity Bahrain B.S.C. (Solidarity Bahrain) (Bahrain) remain unchanged following Solidarity Bahrain’s recent announcement that its shareholders have approved the proposed merger of the company with T’Azur Company B.S.C. (T’Azur).
The scope of the merger primarily covers T’Azur’s takaful operations in Bahrain and was approved by a majority of the two companies’ shareholders at their respective extraordinary general meetings (EGMs) held on 29 September 2021. The proposed merger remains subject to further regulatory approvals, in particular from the Central Bank of Bahrain for the transfer of business, assets, and liabilities from T’Azur to Solidarity, in exchange for shares in Solidarity at a mutually agreed swap ratio as approved by the shareholders in the EGMs.
The proposed transaction is in line with Solidarity Bahrain’s strategy to enhance its position in its domestic market. AM Best will monitor the execution of the transaction and its impact on the company and the wider group.
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 use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.