AM Best affirms GIG Gulf’s financial strength rating of A (Excellent) for 5th Consecutive Year

TDT | Manama

Email: mail@newsofbahrain.com

GIG Gulf, part of Gulf Insurance Group K.S.C.P., yesterday announced that AM Best has affirmed its Financial Strength Rating (FSR) of A (Excellent)and Long-Term Issuer Credit Rating (ICR) of “a+” (Excellent), which marks the fifth consecutive year that GIG Gulf has maintained its A (Excellent) rating with no changes compared to last year’s assessment. The outlook for both ratings remains stable, confirming our robust financial position.

GIG Gulf’s established presence in the region is a key differentiator. The company ranks among the top five insurers in its core markets, with presence in Bahrain, Oman, Qatar, and the United Arab Emirates. Additionally, GIG Gulf holds a 50% stake in Gulf Insurance Group (a Saudi Joint Stock Company) in Saudi Arabia, further reinforcing its diversification and ability to offer compliant solutions across the region.

The affirmation reflects GIG Gulf ’s financial stability andconsiders the strategic importance of GIG Gulf as a key subsidiary of the Gulf Insurance Group (GIG Group K.S.C.P.), which holds a Financial Strength Rating of “A” (Excellent) and a Long-Term Issuer Credit Rating of “a” (Excellent) with a stable outlook from AM Best. GIG Gulf also benefits from shared capabilities, including Risk Management, actuarial, investment management, as well as global best practice. The collective strength of our companies enables our local leadership teams to be empowered to deliver on the ground, with greater agility, to the needs of local markets.

Together, these strengths provide customers, regulators, and partners with confidence in the Group’s long-term stability and ability to meet its commitments, reinforcing GIG’s position as one of the most credible and trusted insurance providers in the Middle East and North Africa.

GIG’s ratings also consider the strategic importance of GIG to its ultimate parent company, Fairfax Financial Holding Limited (Fairfax). Fairfax is a globally diversified insurer and reinsurer with established presence in over 40 countries and one of the Top 20 P&C companies in the world.

Paul Adamson, CEO of GIG Gulf, commented:

“We are proud to once again receive this strong endorsement from AM Best. The affirmation of our ‘A’ rating is a testament to GIG Gulf’s clear focus on profitability, a disciplined approach to risk, strong internal governance, and a growing regional presence. GIG Gulf is well-positioned to keep thriving in the Middle East’s dynamic insurance market. The ratings reinforce our commitment to delivering sustainable growth and long-term value for our customers, partners, and shareholders across the region.”