AM Best affirms Long-Term Issuer Credit Rating of Solidarity Bahrain B.S.C
MANAMA, BAHRAIN – 10th February 2021 – Solidarity Bahrain B.S.C, one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding, announced that AM Best has affirmed both its Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” and the Financial Strength Rating (FSR) of B++ (Good), with a stable outlook for both ratings. Affirmation of these ratings reflect the strength and stability of Solidarity’s business profile, especially during the COVID-19 pandemic, and its overwhelming repercussions on the Bahraini market.
According to AM Best’s official communique, the ratings reflect Solidarity Bahrain’s balance sheet strength, which AM Best categorize as very strong, underpinned by its risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Illustrating the rating affirmation, AM Best highlighted that Solidarity Bahrain benefits from a very good level of liquidity and good financial flexibility, being listed on the Bahrain Bourse and having no debt leverage.
On this occasion Mr. Ashraf Bseisu, Solidarity Group Chief Executive and Solidarity Bahrain’s Vice Chairman commented: “We are very proud that Solidarity Bahrain managed to maintain the international recognition and accreditation, considering the challenging economic situation in the market.
Mr. Ashraf also mentioned: “Despite the uncertainty in the market, #TeamSolidarity was solid in maintaining high performance across various metrics.” He also added: “Our rating reflects that we, at Solidarity, strive to stand-by our promise to our clients and customers, by providing them with the most competitive products coupled with best services in the market.”
He also stated: “The ongoing merger discussions between Solidarity Bahrain and T’azur represents another opportunity for the company to effect a paradigm shift in its overall business profile and could prove to be the catalyst for a rating upgrade in the future”.