The International Rating Agency A.M. Best has completed the Rating exercise for Solidarity General Takaful (SGT), Bahrain and the Agency’s Rating Committee has resolved to assign the following ratings to SGT:
§ Financial Strength Rating of B++ (with stable outlook) - As per A.M. Best’s Ratings classification this is considered a ‘Good’ rating falling within the ‘Secure’ category. It is assigned to insurance companies that have a ‘good ability to meet their ongoing insurance obligations’.
§ Long-Term Issuer credit rating of BBB (with stable outlook) - As per A.M. Best’s Ratings classification this is considered a ‘Good’ rating falling within the ‘Investment Grade’ category. It is assigned to insurance companies that have a ‘good ability to meet their ongoing senior financial obligations’.
According to A.M. Best’s official communique, the ratings of SGT reflect its niche market positioning, sound level of risk-adjusted capitalization and record of business growth and performance. The ratings also factor in enhancement from the financial strength of its parent company, Solidarity Group Holding.
It is also noteworthy that the current rating assigned to SGT is at par with the highest possible and given to a Bahraini insurance company with operations limited within Bahrain. SGT is also the youngest player in Bahrain to have secured such a rating (only another 3 companies in Bahrain have equivalent rating).
With the international recognition and accreditation of both our major operating platforms i.e. SGT and earlier First Insurance Company - Jordan, Solidarity Group has managed within only 10 years of inception to establish its position as one of the leading Takaful Groups in the region, setting it apart from all but a handful of regional market players