ABNIC put on creditwatch negative

UAE insurer Al Buhaira National Insurance Company has been put on creditwatch negative by Standard & Poor’s. The ratings agency said the financial profile of the insurer “has weakened”, therefore it is placing the firm’s BBB rating on creditwatch negative.

AM Best assigns Kuwait Re ratings

AM Best Co has assigned a stable financial and credit rating to Kuwait Reinsurance Company. The ratings agency has assigned a financial strength rating of A-(Excellent) and an issuer credit rating of a-, with a stable outlook.

AM Best places Misr Insurance Company under review

Ratings agency AM Best has placed Misr Insurance Company under review with negative implications following its announcement to restructure the group companies operating under Insurance Holding Company to comply with regulatory requirements of Egyptian insurance law.

S&P Warns Of GCC Insurance Slowdown

In its first report card on the insurance sector in the region, the ratings agency said heavy state and private sector investment in the region’s economy and infrastructure has caused insurable risk volumes to increase. It warned the increase in demand for credit risk opinion from policyholders could “hamper” development of insurance in the GCC.

Salama Eyes Further UAE Growth

Salama Islamic Arab Insurance has opened two new branches in the UAE as part of a “major” Middle East expansion drive, the company revealed on Tuesday. The Islamic insurance provider said demand for Takaful products had prompted an increase in branches across the emirates from four to six. Dr Saleh Malaikah, vice chairman and CEO of Salama, confirmed that a further two would be added before year-end.

B++ for Jordan Insurance

AM Best Co has assigned a financial strength rating (FSR) of B++ (Good) and an issuer credit rating (ICR) of “bbb” to Jordan Insurance Company Plc (JIC). The ratings of JIC reflect its strong level of risk-adjusted capitalisation, robust underwriting performance and established profile in the Jordanian insurance market. An offsetting factor is the firm’s investment strategy, which gives rise to volatile investment performance.

Seal Of Approval

With investment income curtailed, rated insurance companies across the Middle East and North Africa face greater scrutiny of their financial strength and risk management practice. Policy spoke to Anandi Nangy-Kotecha, managing senior financial analyst at AM Best, and Kevin Willis, director at Standard & Poor’s.