Arig upgraded to ‘A- (Excellent)’

Manama : AM Best rating agency upgraded Arig Group’s Financial Strength Rating from ‘B++ (Good)’ to ‘A- (Excellent)‘, and its Long-Term Issuer Credit Rating from ‘bbb+’ to ‘a-‘ on Wednesday. The outlook for both ratings is stable.

The agency views that “the rating upgrades reflect Arig’s ability to take strategic decisions to eliminate underperforming business segments and optimise its business profile to generate stronger prospective earnings” and “consider Arig’s solid balance sheet strength and sound risk management framework”.

Commenting on the upgrade, Yassir Albaharna, the CEO of Arig, said: “It is pleasing to see that Arig not only held its ground in extremely challenging market conditions but even received an upgrade at a time when all major rating agencies share a negative outlook on the reinsurance industry. Our firm belief in the application of Best Practices in our professional conduct has been recognized. We intend to make prudent use of Arig’s financial strength to serve our clients even better.”