Posted on 230
AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” of First Insurance Company of Hawaii, Ltd. (FICOH) (Honolulu, HI) and its reinsured subsidiaries, collectively referred to as First of Hawaii Group. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and ratings).
The ratings reflect First of Hawaii Group’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and very strong enterprise risk management (ERM).
AM Best Affirms Credit Ratings of Houston Casualty Group Members and Affiliates businesswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesswire.com Daily Mail and Mail on Sunday newspapers.
2020-12-04T08:41:00+00:00
AM Best has placed under review with developing implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” of Gulf Insurance Group K.S.C.P. (GIG) (Kuwait) and its subsidiary, Gulf Insurance and Reinsurance Company K.S.C. (Closed) (Kuwait).
The Credit Rating (rating) actions follow the announcement on 30 November 2020, that GIG has signed a purchase agreement to acquire 100% of AXA Insurance (Gulf) B.S.C. (c) (Bahrain), 50% of AXA Cooperative Insurance Company (Saudi Arabia) and 28% of AXA Green Crescent Insurance Company PJSC (United Arab Emirates) for consideration of USD 475 million. A capital injection will be provided to GIG, by its existing shareholders, to help fund the acquisition. The balance is expected to be funded through bank debt, and the earnings of the target companies following year-end 2020.