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AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” from “bbb+” and affirmed the Financial Strength Rating (FSR) of B++ (Good) of Saudi Arabian Insurance Company B.S.C. (c) (Damana) (Bahrain). The outlook of the Long-Term ICR has been revised to stable from negative, whilst the outlook ...
The Credit Ratings (ratings) reflect Damana’s balance sheet strength, which AM Best categorises as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.
The downgrade of the Long-Term ICR reflects the company’s marginal technical results over recent years and uncertainty regarding prospective performance. Although the company’s historical performance had been good, a material decline in premium volumes as a result of a significant reduction in the international medical portolio in 2018 has resulted in weakened underwriting performance metrics and depressed returns on equity.
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