Bahrain National Insurance (BNI) announced that it has recently obtained a new credit rating of "BBB+" grade from Standard & Poor's (S&P); the world's premier provider of independent credit ratings for companies, establishments and states.
BNI received the final report from S&P in which they referred to the strength of the Company's financial position and its prudent policies. The report talked about BNI's ample financial reserves to fulfill its financial obligations, particularly those related to insurance business like payment of insurance claims arising out of risks underwritten by the Company. The Report also highlighted the Company's ability to meeting other financial obligations, whether for creditors or other institutions such as banks and re-insurance companies.
The Report also confirmed that BNI enjoys an excellent standing in terms of its premium income from its operations in the field of General insurance, such as insurance on property, motor vehicles, marine cargo and hull, professional and public liability and other classes of General insurance products and services. The balanced insurance portfolio of the Company reduces unexpected fluctuations of insurance premiums in certain classes of insurance, thereby providing greater financial stability to BNI. This also reduces risks associated with concentration of business in certain classes of insurance.
On this occasion, Mr. Qassim M. Fakhroo, Chairman of Bahrain National Holding (BNH), made a press release in which he said: "We are very happy that Bahrain National Insurance obtained a credit rating of "BBB+" grade from Standard & Poor's (S&P); the world's premier and recognized provider of independent credit ratings. This indicates the strength of the Company's financial position and the efficient and proper policies applied by the Company's management in running and directing the course of business.". He added that: "This credit rating makes BNI one of the region's leading insurance companies. It will definitely provide customer and other stakeholders of the Company with increased confidence and satisfaction in dealing with BNI. Mr. Qassim Fakhroo continued his speech by expressing his thanks and appreciations to the Chief Executive, General Managers, Department Managers, and all staff for their dedication and hard work which was undoubtedly a major factor for this impressive achievement which reflects their loyalty towards the company which also makes every effort to continually develop its staff and provide them with promising career opportunities.
On his part, Mr. Mahmood Al Soufi, BNH's Chief Executive Officer, said: "Standard & Poor's team has fully reviewed and audited BNI business activities, analyzed its financial statements and held a number of meetings with the Company's management and senior officers to get acquainted with the Company's policies in respect of underwriting, re-insurance, claim settlement and other technical insurance matters. We are very pleased and proud that we finally got this excellent rating".
He added that "BNI caries on its business activities within a framework that is based on integrity, confidence and the highest levels of professionalism. The Company set plans for development and geographical expansion in addition to the investment in other financial services sectors. We will increase the Company's capital by six million Bahraini Dinars to achieve our strategic objectives and reinforce continuous development and profitability". Mr. Al Soufi pointed out that this new credit rating will further encourage shareholders and customers to deal confidently with BNI.
Bahrain National Insurance is a fully owned subsidiary of Bahrain National Holding, BNH, the largest direct insurance group in Bahrain. BNH also fully own Bahrain National Life, which is the first Bahraini company specialized in offering Life and Medical insurance products and services. BNI provide general and motor insurance products and services to client in Bahrain and the region. The group recently celebrated their 35th anniversary and the official opening of their new premises in Seef district.
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For more information please contact:
Rasha Al Aliwat
Marketing Executive
Tel: 17587321
Fax: 17583099
Mob: 39673113
E-mail: marketing@bnhgroup.com
© Press Release 2005
