AM Best Maintains Under Review With Negative Implications Status for Credit Ratings of First Insurance Company

LONDON--(BUSINESS WIRE)--AM Best has maintained the under review with negative implications status for 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 Ratings (ratings) reflect SFIC’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also consider, in the form of lift, SFIC’s strategic importance to its largest shareholder, Solidarity Group Holding B.S.C. (c) (SGH).

The ratings were first placed under review with developing implications following the announcement of the acquisition of Bahrain National Insurance B.S.C. (c) (BNI) and Bahrain National Life Assurance Company B.S.C. (c) (BNL) by SGH, for a total purchase price of BHD 75 million. The acquisition resulted in goodwill and intangible assets of BHD 31.5 million. Subsequently, the implications of the under review status were revised to negative from developing, to reflect the execution risk surrounding the remediation plan in response to deterioration of SGH’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), following the consolidation of BNI and BNL.

The ratings remain under review with negative implications to reflect the continued execution risk surrounding the group’s strategic plan and are expected to remain under review with negative implications until the successful completion of the plan.

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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