Ratings boost for Solidarity Takaful unit
Manama, June 22, 2014
Solidarity General Takaful, a subsidiary of the largest takaful groups in the world, Solidarity Group Holding, was assigned financial strength rating of B++ (good) and insurer credit rating of "bbb" by AM Best, both with a stable outlook.
According to AM Best, the ratings of Solidarity General Takaful reflect its sound level of risk-adjusted capitalisation and niche market profile as a takaful operator in Bahrain.
The ratings benefit from the financial strength of its parent company, Solidarity Group Holding.
"We are delighted to announce that our flagship subsidiary Solidarity General Takaful has been assigned such high ratings by a reputed and leading international rating agency, AM Best," Solidarity group chief executive Ashraf Bseisu said.
"Established in 2003, Solidarity is the youngest company in the Bahrain insurance industry to have secured such ratings," said Bseisu.
"With the international recognition and accreditation of our major operating platforms, the group has managed to establish its position as one of the leading industry players in the region, setting it apart from all but a handful of regional market players."
Bseisu attributed this milestone achievement to the solid vision and clear strategies of the group, and the devotion and dedication of Solidarity's management team and staff.-TradeArabia News Service