Arig Upgraded to ‘A- (Excellent)’
Bahrain: On 21 December 2016, A.M. Best rating agency upgraded Arig Group’s Financial Strength Rating from ‘B++ (Good)’ to ‘A- (Excellent)’ , and its Long-Term Issuer Credit Rating from ‘bbb+’ to ‘a-‘. The outlook for both ratings is stable.
The agency views that “the rating upgrades reflect Arig’s ability to take strategic decisions to eliminate underperforming business segments and optimize its business profile to generate stronger prospective earnings” and “consider Arig’s solid balance sheet strength and sound risk management framework”.
In his reaction, Yassir Albaharna, the CEO of Arig, said: “It is pleasing to see that Arig not only held its ground in extremely challenging market conditions but even received an upgrade at a time when all major rating agencies share a negative outlook on the reinsurance industry. Our firm belief in the application of Best Practices in our professional conduct has been recognized. We intend to make prudent use of Arig’s financial strength to serve our clients even better. Meanwhile, I am grateful to our regulator (the CBB), customers, our board, the management and staff, and everyone else who has been supportive of our company during its 36-year history.”
Arig is one of the largest Arab-owned, professional reinsurance providers in the Middle East and Africa. The Group is listed on the stock exchanges in Bahrain and Dubai and offers a wide range of reinsurance products and services. Arig’s subsidiaries include Takaful Re (Dubai) – currently in run-off, Gulf Warranties (Bahrain) and Arig Capital Ltd. (UK). Additional information about Arig can be obtained at www.arig.net
Arab Insurance Group (B.S.C.) is a reinsurance firm regulated by the Central Bank of Bahrain.
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