Tuesday 5 December 2023

Ashraf Bseisu

Solidarity Bahrain gets top EU ratings

MANAMA, December 24, 2018

Solidarity Bahrain, one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding, said its ratings were reaffirmed by A M Best Europe, maintaining a financial strength rating of B++ (Good) with a stable outlook and issuer credit rating of “bbb” with a positive outlook.

A reputed and leading international rating agency, A M Best said these ratings reflect the Bahraini group's sound level of risk-adjusted capitalisation, niche market positioning and good level of risk profile besides its well diversified investment, strength of balance sheet, and good financial flexibility as a listed company on the Bahrain Bourse.

CEO Ashraf Bseisu said: "We are justifiably proud of the continued international recognition and accreditation of our major operating platform. Our organisation has positioned itself as the leading insurer in the kingdom following the successful merger between Al Ahlia Insurance Company & Solidarity General Takaful."

"Through our subsidiaries in Bahrain and other key markets, our organisation has managed to establish its position as the leading industry player in the region, setting it apart from all but a handful of regional market players," he added.

Bseisu has attributed this milestone achievement to the solid vision and clear strategies of the group, and the devotion and dedication of Solidarity’s board, management team and staff, said a statement from the company.

CEO Jawad Mohamed said: "We are delighted to announce that our company has had its ratings affirmed by A M Best."

“We have received issuer credit rating with a positive outlook despite a highly challenging market conditions and operating environment,” he stated.

“Our company has positioned itself as the only rated Takaful company and one of few rated insurance companies operating within the Bahraini market,” he added. – TradeArabia News Service

Tags: | EU | Ratings | Solidarity Bahrain |

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