A.M. Best International has reaffirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of “A-” for Bahrain Kuwait Insurance Company B.S.C. (BKIC), with both ratings holding a stable outlook. This affirmation follows A.M. Best’s annual review, which assessed BKIC’s financial stability and operational performance.
The ratings reflect BKIC’s very strong balance sheet strength and robust operating performance, coupled with a neutral business profile and appropriate enterprise risk management. Additionally, the ratings take into account the financial strength of BKIC’s parent company, Gulf Insurance Group K.S.C.P., recognizing BKIC’s strategic importance to the group.
Dr. Abdulla Sultan, CEO of BKIC, expressed satisfaction with the credit rating, noting, “We are pleased that both BKIC and our subsidiary hold the A- Credit Rating, which clearly reflects the financial strength of our company and our ability to meet short and long-term obligations.” He highlighted BKIC’s excellent record of profitability, which showcases outstanding investment and underwriting performance across various insurance sectors in Bahrain and Kuwait. Dr. Sultan also pointed out that BKIC and Takaful International Company B.S.C. are the only local Bahraini insurance companies to achieve this A- rating.
Group Profile
Bahrain Kuwait Insurance Company (BKIC) is recognized as the leading insurance provider in Bahrain and a significant player in Kuwait. The A- (Excellent) credit rating with a stable outlook awarded by A.M. Best is the highest rating given to a local direct insurer in Bahrain, underscoring BKIC’s financial strength and its capability to meet future obligations.
GIG Bahrain operates as a subsidiary of Gulf Insurance Group (GIG), the largest insurance group in Kuwait based on written and retained premiums. GIG offers comprehensive coverage in both life and non-life insurance sectors, including Takaful insurance. The group has established itself as one of the largest insurance networks across the Middle East and North Africa, with a presence in Bahrain, Kuwait, Jordan, Egypt, Turkey, Algeria, UAE, Saudi Arabia, Oman, Qatar, Syria, Iraq, and Lebanon.
Fairfax Financial Holdings Ltd., based in Canada, is the major and largest shareholder of Gulf Insurance Group, further strengthening the group’s financial foundation.
With its solid credit rating, BKIC is well-positioned to continue delivering high-quality insurance products and services to its customers while maintaining its commitment to financial excellence and stability.
