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FOR IMMEDIATE RELEASE
LONDON - AUGUST 14, 2024 11:17 AM (EDT)
AM Best has affirmed the Financial Strength Rating (FSR) of B- (Fair) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bb-” (Fair) of Egyptian Takaful Property & Liability Insurance Company (Egyptian Joint Stock Company) (EGTAK) (Egypt). The outlook of these Credit Ratings (ratings) is stable. Additionally, AM Best has assigned the Egypt National Scale Rating (NSR) of aa+.EG (Superior) to EGTAK with a stable outlook.
The ratings reflect EGTAK’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management. The company’s FSR and Long-Term ICR were assigned on 29 July 2024 (see related press release).
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 Performance Assessments, 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.