لندن - يوم الثُّلَاثاء 24 ديسمبر 2013 [ME NewsWire]
(بزنيس واير): حددت "إيه إم بست يوروب-ريتنج سيرفيسيز ليمتد" تصنيف القوة المالية من الفئة "أ" (الممتازة) والتصنيف لشركة البحر الأبيض المتوسط والخليج للتأمين وإعادة التأمين (ش.م.ب) (البحرين) (المعروفة باسم "ميدغلف البحرين") وشركة البحر الأبيض المتوسط والخليج للتأمين التعاوني وإعادة التأمين-ميدغلف (ش.م.س) (المملكة العربية السعودية) (المعروفة باسم ميدغلف المملكة العربية السعودية). وحصلت شركة البحر الأبيض المتوسط والخليج للتأمين وإعادة التأمين (ش.م.ل) (لبنان)
(المعروفة باسم "ميدغلف لبنان") على تصنيف "إيه إم بست" للقوة المالية من
الفئة "ب++" (جيد) والتصنيف الإئتماني للمصدر من الفئة "ب ب ب+"، وتجدر
الإشارة إلى أن التوقعات بالنسبة لكافة التصنيفات تبدو مستقرة.
The ratings reflect the group’s strong overall business profile, solid
risk-adjusted capitalisation and robust operating performance
Medgulf Bahrain has a strong regional franchise within the Middle East,
with leading market positions in Saudi Arabia and Lebanon. In 2012,
gross written premiums (GWP) reached SAR 4.1 billion (USD 1.1 billion),
mainly driven by medical and motor business lines which accounted for
80% and 10% of GWP respectively. Medgulf Bahrain’s main market is Saudi
Arabia, which generated approximately 80% of the group’s premium
revenue, with a further 10% from Lebanon. The company also operates in
Bahrain, Jordan and the United Kingdom (UK)
Medgulf Bahrain’s risk-adjusted capitalisation improved in 2012,
benefiting from a capital injection of SAR 460.6 million (USD 124
million) by the International Finance Corporation (a member of the Word
Bank Group), which acquired 14% of the group’s equity. The group’s
prospective capital position is expected to remain supportive of the
rating level, with good earnings retention expected to absorb projected
growth over the next two years
Medgulf Bahrain exhibits robust operating profitability with a five
year average combined ratio below 90%. The company recorded a technical
profit of SAR 116.5 million (USD 31.1 million) in 2012, while investment
income remained modest at SAR 31.9 million (USD 8.5 million). The
group’s earnings are expected to remain resilient in the next few years,
mainly driven by underwriting performance
Upward rating movement for Medgulf Bahrain is unlikely in the near term
Downward rating pressure could occur if there were a prolonged
deterioration in Medgulf Bahrain’s operating performance and /or its
risk-adjusted capitalisation were to decrease to a level not supportive
of the current ratings
The ratings of Medgulf KSA and Medgulf Lebanon receive rating
enhancement from Medgulf Bahrain, given their strategic importance to
the group
Upwards and downwards rating movement of Medgulf Bahrain’s key
subsidiaries would result from a change in the stand-alone assessment,
or a revision of the rating enhancement of the respective subsidiary
The methodology used in determining these ratings is Best’s Credit
Rating Methodology, which provides a comprehensive explanation of A.M.
Best’s rating process and contains the different rating criteria
employed in the rating process. Best’s Credit Rating Methodology can be
found at www.ambest.com/ratings/methodology
In accordance with Regulation (EC) No. 1060/2009, the following is a link to required disclosures: A.M. Best Europe - Rating Services Limited Supplementary Disclosure
A.M. Best Europe – Rating Services Limited is a subsidiary of A.M. Best Company. A.M.
Best Company is the world's oldest and most authoritative insurance
rating and information source. For more information, visit www.ambest.com
Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED
Contacts
A.M. Best Ghislain Le Cam, CFA
Senior Financial Analyst, Analytics
00442073970268ghislain.lecam@ambest.com
Mahesh Mistry
Director, Analytics
00442073970325
mahesh.mistry@ambest.com
Rachelle Morrow
Senior Manager, Public Relations
0019084392200
ext. 5378
rachelle.morrow@ambest.com
Jim Peavy
Assistant Vice President, Public Relations
0019084392200
ext. 5644
james.peavy@ambest.com
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