The credit rating agency, AM Best, has announced the affirmation of Kuwait's Gulf Insurance Group rating; With the outlook adjusted to stable.
The Kuwaiti group said in a statement today, Wednesday, that the agency affirmed the financial strength rating and the credit rating issued to the group at (A excellent), with the future outlook adjusted from negative to stable.
The agency clarified in its report that the credit rating (A) is given to companies that have an excellent ability to meet their applicable obligations related to insurance operations.
The classification's stable outlook also reflects the likely trend over the medium term, which ranges from 12 to 36 months; An indication of the stability of the credit rating during this period.
The agency's report indicated that adjusting the future outlook from negative to stable reflects the agency's expectation that the evaluation of the group's financial position will remain at a very strong level, and the business profile will remain balanced, to The side of strong operational performance and appropriate risk management approach in the short and medium term.
The revision of the outlook by (AM Best) comes after Gulf Insurance Group announced the completion of the acquisition of AXA's Gulf operations.
