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AM Best Affirms (B+) Credit Ratings of SNIC Insurance B.S.C. (c)

Manama Bahrain 13 November 2022 - AM Best has affirmed SNIC Insurance rating (associate of Munich Re Group the world’s largest reinsurer and a subsidiary of E.A. Juffali & Brothers a family-owned conglomerate operating in Saudi Arabia) with a Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb- “(Good). The outlook of these Credit Ratings (ratings) remains stable.

On this occasion, Mr. Khalid Al Shaikh, General Manager of SNIC Insurance stated: “I’m pleased with AM Best’s affirming SNIC rating and outlook. This bestows SNIC’s solid financial position and ability to meet short- and long-term obligations towards its stakeholders, building extra confidence in the company”.    

The ratings reflect the strength of SNIC’s balance sheet, which AM Best assesses as very strong as measured by Best’s Capital Adequacy Ratio (BCAR). One of the assisting factors in strengthening the balance sheet is the improvement of the Underwriting Performance in recent years. The company plans to continue focusing on Retail, SME segments, and Employee Benefits which are key pillars of SNIC strategy and work on improving the technical performance further.

Mr. Al Shaikh concluded: “We continue our commitment to delivering innovative insurance solutions and enhancing the customer experience with seamless digital solutions that deliver value, security, and convenience to our customers meeting their changing needs and the market trends”.

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