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Subsequent to its annual
review, A.M. Best Europe – Rating Services Limited affirmed the financial
strength rating A- (Excellent) and the long-term issuer credit rating of “a-“ (Excellent)
of Bahrain Kuwait Insurance Company B.S.C. (gig-Bahrain) and its subsidiary
Takaful International Company B.S.C. (gig-Bahrain Takaful), and the outlook for
both ratings is stable.
According to the agency’s statement, the ratings reflect both
companies’ balance sheet strength, which AM Best assesses as very strong, as
well as its strong operating performance, neutral business profile and
appropriate enterprise risk management. The ratings also factor in the
financial strength of their parent company, Gulf Insurance Group K.S.C.P., due
to the strategic importance to the group.
Dr. Abdulla Sultan, CEO of gig-Bahrain
stated that the management is very pleased with the A- Credit Rating given to the
company and its subsidiary has witnessed the difficult economic cycles in
recent history. The rating reflects the financial strength of the company and
its ability to meet its short and long-term obligations. He added that the
company has an excellent record of profitability reflecting good underwriting
performance for various types of insurance in Bahrain and Kuwait. He also
quoted that the company is particularly pleased with the turn-around and
operational synergy with its subsidiary Takaful International Company.
Commenting on obtaining this excellent
financial and credit rating, Mr. Essam Al-Ansari, CEO
of Takaful International Company, said that this reflects the company's
orientation in working as a pioneer in the takaful sector in the Kingdom as
this would enhance the confidence of the company's clients and contribute to
solidifying the company's ability to fulfill its financial and credit
obligations and to be a prominent member of the Gulf Insurance Group and a
subsidiary of gig Bahrain. He added that Takaful International
able to achieve positive performance despite the economic and operational
implications due to the adoption of balanced underwriting and investment
It may be noted that gig
Bahrain and its subsidiary gig Bahrain-Takaful are the only local Bahraini insurance
companies to be rated A- (Excellent) with stable outlook.
Bahrain Kuwait Insurance
Company B.S.C. (gig-Bahrain) and
its subsidiary Takaful International Company B.S.C. (gig-Bahrain Takaful) are part of Gulf Insurance Group (GIG) which is the largest
insurance Group in Kuwait in terms of written and retained premiums, with
operations in the life and non-life as well as Takaful
insurance. Gulf Insurance has become one of the largest insurance networks in
the Middle East and North Africa with companies in Bahrain, Saudi Arabia,
Jordan, Lebanon, Syria, Egypt, Algeria, Iraq, Emirates, Turkey, and Kuwait.
KIPCO – Kuwait Projects Company – is Gulf Insurance
Group’s largest shareholder, followed by the Canadian-based Fairfax Financial