LONDON--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Takaful International Company BSC (gig-Bahrain Takaful) (Bahrain), the ultimate parent of which is Gulf Insurance Group K.S.C.P. (GIG). Gig-Bahrain Takaful is a member of GIG’s non-lead rating unit, Bahrain Kuwait Insurance Company B.S.C. (gig-Bahrain). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect gig-Bahrain’s balance sheet strength, which AM Best categorises as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The ratings also reflect gig-Bahrain Takaful’s strategic importance to and integration with gig-Bahrain.
gig-Bahrain Takaful provides GIG with a platform to underwrite Islamic insurance business in Bahrain. The company is a leading takaful insurer in Bahrain, and following the acquisition of a controlling stake by gig-Bahrain in 2017, has increased GIG’s market share in the country to approximately 20%. Following its acquisition by gig-Bahrain, the company reported stronger technical results, with further improvements expected from operational synergies. The company also benefited from a material capital injection of BHD 2.3 million in 2018.
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