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 Bahrain National Insurance Company B.S.C. (c) (BNI) (Bahrain).
The Credit Rating (rating) actions follow the announcement on 11 August 2024 that BNI's parent company, Bahrain National Holding Company B.S.C., accepted a binding offer received from Solidarity Group Holdings B.S.C. (c) to sell 100% of BNI and Bahrain National Life Assurance Company B.S.C. (c) for a total purchase price of BHD 75 million. This transaction is currently subject to further due diligence and receipt of all corporate and regulatory approvals, and signing of definitive agreements.
The ratings are expected to remain under review with developing implications until the transaction closes and AM Best has assessed its impact on BNI's credit rating 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 Performance Assessments, 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.
Copyright 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Anna Sheremeteva
Financial Analyst
+44 20 7397 6264
anna.sheremeteva@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
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Jessica Botelho-Young, CA
Associate Director, Analytics
+44 20 7397 0310
jessica.botelho-young@ambest.com
Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
alslavin@ambest.com
