MANAMA: The International Rating Agency A.M. Best has assigned Solidarity Bahrain the financial strength rating of B++ (Good) with a stable outlook and issuer credit rating of “bbb” with a positive outlook.
The Solidarity Bahrain B.S.C (SB), is the new merged entity between two of Solidarity Group Holding’s subsidiaries, Al Ahlia Insurance Company B.S.C. and Solidarity General Takaful B.S.C (c),
According to A.M. Best’s official, the ratings of Solidarity Bahrain reflects its sound level of risk-adjusted capitalization, niche market positioning and good level of risk profile, well diversified investment, strength of balance sheet, and good financial flexibility as a listed company on the Bahrain Bourse.
“With the continued international recognition and accreditation of our major operating platforms, the Group 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,” Ashraf Bseisu, Solidarity Group Chief Executive, said.
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.
“We are delighted to announce that Solidarity Bahrain has had its ratings assigned by a reputed and leading international rating agency, A.M. Best,” Jawad Mohamed, Solidarity Bahrain General Manager said.
Solidarity Bahrain received issuer credit rating with a positive outlook despite a highly challenging market conditions and operating environment,” Mohamed, said, “Solidarity Bahrain has positioned itself as the only rated Takaful company and one of few rated insurance companies operating within the Bahraini market.”