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Subsequent to its annual
review, A.M. Best International affirmed the financial strength rating A- (Excellent) and the long-term issuer
credit rating of “A-“of Bahrain Kuwait Insurance
Company B.S.C. (GIG Bahrain), and
the outlook for both ratings is stable. The ratings reflect GIG Bahrain’s balance sheet strength, which AM Best categorizes
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 GIG Bahrain’s parent company, Gulf Insurance Group K.S.C.P.,
due to its strategic importance to the group.
Dr. Abdulla Sultan,
CEO of GIG Bahrain stated that the management is pleased with the A- Credit
Rating given to the company and its subsidiary. 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 performed exceptionally
well in recent times and is working on various strategic initiatives within the
digital arena which is a key focus area. More and more, our clients are
becoming mindful to the importance of the insurance company’s credit rating,
especially when it comes to entrusting them with their high valued assets. It
may be noted that GIG Bahrain and its subsidiary GIG Bahrain-Takaful are the
only local Bahraini insurance companies to be rated A-.
Kuwait Insurance Company B.S.C. (GIG Bahrain) is a subsidiary 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