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Islamic Arab Insurance ratings affirmed
- United Arab Emirates: Sunday, September 23 - 2012 at 08:50
AM Best Europe Rating Services has affirmed the financial strength rating (FSR) of A- (Excellent) and issuer credit rating of "a-" of UAE-based Islamic Arab Insurance Co (Salama). "The ratings reflect Salama's good business profile and strong risk-adjusted capitalisation," the ratings service said. "AM Best expects Salama to experience overall contraction in underwriting in 2012 and 2013, as it reduces gross written premiums at BEST RE whilst growing its other regional subsidiaries," it added. Salama's overall level of profitability was reduced in 2011 by the effects of the Thai flooding on its subsidiary, BEST RE, with an improved performance by Salama compensating for this.
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