A.M. Best International affirms credit rating of A- (Excellent) with stable outlook of BKIC

TDT | Manama

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Further 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 BKIC’s strategic importance to the group.

Dr. Abdulla Sultan, CEO of BKIC stated that Management is pleased with the company, as well as its subsidiary, holding the A- Credit Rating which evidently 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 The Kingdom of Bahrain and The State of Kuwait . Heal so stated that BKIC and its subsidiary Takaful International Company B.S.C. are the only local Bahraini insurance companies that are listed publicly, to be rated A-.