A.M. Best Affirms Credit Ratings of ARABIA Insurance Company s.a.l.
ARABIA Insurance Company s.a.l. (AIC) has announced the release of A.M. Best Ratings which affirms the Financial Strength Rating of B++ (Good) and its Long-Term Issuer Credit Rating of “bbb”. The outlook of these ratings is stable.
As reported by A.M. Best, the ratings reflect the strength of AIC balance sheet which is categorized as ‘very strong’. The company’s risk-adjusted capitalization as measured by A.M. Best’s Capital Adequacy Ratio (BCAR), based on 2017 results, is also expected to strengthen to the strongest level. AIC has demonstrated good financial flexibility in recent years, successfully restructuring group operations to meet evolving and more stringent regulatory requirements.
In 2017, a strategic shift was also implemented to enhance performance through a stricter underwriting approach and cost efficiencies. As a result, the company is expected to report for 2017 its best underwriting performance over the past four years. In addition, consolidated gross written premiums grew by 9.7% in 2017 to approximately USD 199 million.
Samer Abou Jaoude, Arabia Insurance’s GM left a positive note with the release of the ratings:
‘A.M. Best assessment is a clear indication that Arabia is moving in the right direction given the strategic shift and transformation that was taken in the past 2 years. I am positive that we are ready to take on the challenges set for us in the years to come and our efforts will continue to be invested in the right areas to help us profitably grow.’