A.M. Best Places Credit Ratings of Al Ittihad Al Watani Under Review With Positive Implications

LONDON--()--A.M. Best has placed under review with positive implications the Financial Strength Rating of C (Weak) and the Long-Term Issuer Credit Rating of “ccc+” of Al Ittihad Al Watani (L’Union Nationale) Société Générale D’Assurances du Proche Orient, sal (Al Ittihad) (Lebanon).

The Credit Rating (rating) actions follow the completion of the acquisition of 94% of Al Ittihad’s share capital on 12 December 2016 by Nasco Insurance Holding SAL, a member of Nasco Insurance Group Limited, a large insurance, reinsurance and insurance-related services group operating across Europe and the Middle East. The under review with positive implications status reflects the potential financial and operational benefits that Al Ittihad could derive from being a member of a larger and more diverse group, including strengthening of Al Ittihad’s capital base in the short term.

A.M. Best will continue to monitor the impact of the transaction on Al Ittihad’s ratings fundamentals and expects the under review with positive implications status to be resolved following comprehensive further analysis, including discussions with management.

This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2016 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Alex Rafferty, ACA, +44-20-7397-0285
Financial Analyst
alex.rafferty@ambest.com
or
Ghislain Le Cam, CFA, FRM, +44-20-7397-0268
Associate Director, Analytics
ghislain.lecam@ambest.com
or
Christopher Sharkey, +1-908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1-908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com

Contacts

A.M. Best
Alex Rafferty, ACA, +44-20-7397-0285
Financial Analyst
alex.rafferty@ambest.com
or
Ghislain Le Cam, CFA, FRM, +44-20-7397-0268
Associate Director, Analytics
ghislain.lecam@ambest.com
or
Christopher Sharkey, +1-908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1-908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com