A.M. Best Co. has affirmed the financial strength rating of “B++” (Good) and the issuer credit rating of “bbb” of Egypt’s Al Chark Insurance Company with a stable outlook.
“The ratings reflect Al Chark’s good risk-adjusted capitalization, improving (although weak) underwriting results and its strong business profile in the Egyptian insurance market,” said Best.
The rating agency also said that it “believes that Al Chark’s prospective risk-adjusted capitalization will remain commensurate with the current ratings, factoring an improvement in its underwriting results, continued favorable investment return and stabilization of rates and reserves in its motor compulsory portfolio.”
Was this article valuable?
Here are more articles you may enjoy.
US P/C Insurers Post Biggest Q1 Underwriting Profit in 25 Years 
Iran Starts Bitcoin-Backed Shipping Insurance for Hormuz Strait 
NY Archdiocese Can Depose Chubb CEO Greenberg in Clergy Abuse Claims Case 
Tampa Bay Rays and Local Officials Announce Tentative $2.3B Deal for New Ballpark 
