UAE - Insurance House PJSC, a major insurance provider in the region, has maintained its financial strength rating of B+ (Good) and the Long-Term Issuer Credit Rating of “BBB-” (Good) for the fourth consecutive year, the outlook for both is stable.
The ratings were given by AM Best, a US-based credit rating agency. According to AM Best, the ratings reflect IH’s ‘very strong’ balance sheet, IH’s balance sheet strength is underpinned by risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). “Risk-adjusted capitalisation is expected to remain at the strongest level prospectively as the company executes its strategic plan, the credit agency added. “The company’s balance sheet strength is also supported by an appropriate liquidity profile and the use of a panel of financially sound reinsurers”.
Mohammed Abdulla Alqubaisi, Chairman of Insurance House commented: “We are proud to have maintained our credit rating for the fourth year in a row. This achievement reflects our commitment to financial stability, transparency, and accountability. It provides further assurance to our clients, partners, and stakeholders of our ability to honor our commitments and provide long-term value,”
Mohamed Othman, the CEO of Insurance House added: “We remain committed to maintaining our strong financial position and continuing to execute our strategic plan, while always putting our customers first. Our team is dedicated to ensuring that Insurance House continues to be a trusted and reliable partner for all our stakeholders.”
Copyright © 2022 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).