AM Best Places Credit Ratings of First Insurance Company Under Review With Developing Implications

AM Best has placed under review with developing implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of First Insurance Company (SFIC) (Jordan).

The Credit Rating (rating) actions follow the announcement on 11 August 2024, that its parent company, Solidarity Group Holding B.S.C. (c), agreed to purchase the operations of Bahrain National Insurance Company B.S.C. (c) and Bahrain National Life Assurance Company B.S.C. (c) for a total purchase price of BHD 75 million. This transaction is currently subject to further due diligence and receipt of all corporate and regulatory approvals, and signing of definitive agreements.

The ratings are expected to remain under review with developing implications until the transaction closes and AM Best has assessed its impact on SFIC’s credit rating fundamentals.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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