Bahrain-Based Mediterranean & Gulf Insurance & Reinsurance Co. B.S.C. Assigned 'A' Rating
The ratings reflect Medgulf Bahrain's strong business risk profile, and strong financial risk profile
Standard & Poor's Ratings Services assigned its 'A' insurer financial strength and counter party credit ratings to Bahrain - based multiline insurer Mediterranean & Gulf Insurance & Reinsurance Co. B.S.C. (Medgulf Bahrain). The outlook is stable. At the same time, S&P also assigned its Gulf Cooperation Council (GCC) regional scale rating of 'gcAAA' to the company.
"The Medgulf group enjoys a strong business risk profile and a strong financial risk profile."
S&P rates Medgulf Bahrain on a consolidated basis, including its subsidiaries and affiliates (the Medgulf Group). The Medgulf Group enjoys a strong business risk profile and a strong financial risk profile. S&P based its view of Medgulf Group business risk profile on its leading insurance franchises in the Lebanon and in Saudi Arabia (KSA), as well as operation of insurance service companies, and the insurance operations in Bahrain, Jordan, and the U.K. life sector.
S&P bases its assessment of its financial risk profile on its view of its strong capital and earnings, intermediate risk position, and adequate financial flexibility.
The stable outlook reflects S&P’s expectation that Medgulf Bahrain and its consolidated subsidiaries and associates will maintain a strong business risk profile based on continued, successful expansion within existing and new business lines and markets. At the same time, S&P expects the group to maintain its strong financial risk profile.