AM Best Places Credit Ratings of Solidarity Bahrain B.S.C. and First Insurance Company Under Review with Developing Implications

AM Best has placed under review with developing implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Solidarity Bahrain B.S.C. (Solidarity Bahrain) (Bahrain) and First Insurance Company (Solidarity First Insurance Company or SFIC) (Jordan).

The Credit Rating (rating) actions follow the announcement on 27 January 2022 by Solidarity Bahrain’s and SFIC’s ultimate parent, Ithmaar Holding B.S.C., that it has agreed to sell a group of assets, including Solidarity Bahrain’s and SFIC’s intermediate parent, Solidarity Group Holding B.S.C., to Al Salam Bank-Bahrain B.S.C. (ASBB). ASBB is a Bahrain-based Shari'a-compliant financial institution with BHD 2.6 billion of assets and BHD 299.1 million of equity as at year-end 2020.

The ratings are expected to remain under review until the transaction closes and AM Best has assessed its impact on Solidarity Bahrain's and SFIC’s credit fundamentals.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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Romeo Berti, ACA, CMA
Financial Analyst
+44 20 7397 0267
romeo.berti@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Ghislain Le Cam, CFA, FRM
Director, Analytics
+44 20 7397 0268
ghislain.lecam@ambest.com

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com