2014-02-21 17:02:04 -
A.M. Best has withdrawn the financial strength rating (FSR) of B++ and the issuer credit rating (ICR) of “bbb+” of Al Fajer Retakaful Insurance Company K.S.C. (Closed) (AFR) (Kuwait) following the successful transfer of its reinsurance portfolio to Emirates Retakaful Limited (ERL). The cessation of AFR’s reinsurance activity ends its need for A.M. Best’s interactive rating services; therefore, the associated ratings are withdrawn with mutual consent from both parties. On 15 November 2013, A.M. Best assigned an FSR of B++ (Good) and an ICR of “bbb+” to ERL. Both ratings were assigned a stable outlook.
In September 2013, AFR established ERL as its wholly-owned subsidiary domiciled in the United Arab Emirates. Subsequently, ERL was incorporated with USD 120 million of share
capital and licensed as a reinsurance carrier by the Dubai Financial Services Authority. In December 2013, AFR transferred its entire reinsurance portfolio to ERL.
Senior management and staff of AFR have been transferred to ERL’s offices in the Dubai International Financial Center, and AFR is expected to continue as a non-operating holding company for the foreseeable future.
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M.
Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..
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Best Europe - Rating Services Limited Supplementary Disclosure : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..
This rating announcement has been issued by A.M. Best Europe – Rating Services Limited, which is a subsidiary of A.M. Best Company.
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