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A.M. Best International affirms credit rating of A- (Excellent) with stable outlook of Bahrain Kuwait Insurance Company B.S.C.


Subsequent to its annual review, A.M. Best International has affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” of Bahrain Kuwait Insurance Company B.S.C. (BKIC), and the outlook for both ratings is stable. The ratings reflect BKIC’s 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 BKIC’s parent company, Gulf Insurance Group K.S.C.P., due to its strategic importance to the group.

Dr. Abdulla Sultan, CEO of BKIC 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 an excellent record of profitability reflecting excellent investment and underwriting performance for various types of insurance in Bahrain and Kuwait. He also quoted that BKIC and its subsidiary TIC are the only local and listed Bahraini insurance companies to be rated A-.

It is worth mentioning that Bahrain Kuwait Insurance Company is the lead insurance company in the Bahraini market and a major player in Kuwait, with a credit rating of A- (Excellent) with stable outlook, by A.M Best which is the highest rating in Bahrain to be awarded to a local direct insurer, reflecting the financial strength of the company to meet its future obligations. BKIC 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 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, Kuwait, Jordan, Egypt, Turkey, Algeria, UAE, KSA, Oman, Qatar, Syria, Iraq and Lebanon. 

KIPCO – Kuwait Projects Company – is Gulf Insurance Group’s largest shareholder, followed by the Canadian-based Fairfax Financial Holding Ltd.