GIG Egypt targeting new Credit Rating from A.M. Best

Egypt’s Arab Misr Insurance Group – GIG will start next week lengthy talks with the leading rating agency, A.M. Best Company, risk manager George Shehata told Amwal Al Ghad on Monday.

The talks aim to issue a new credit rating from the A.M. Best.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source.

Last June, A.M. Best affirmed the financial strength rating of B++ (Good) and issuer credit rating of “BBB” of Arab Misr Insurance Group (GIG-Egypt) with negative outlook for both ratings.

The June ratings of GIG-Egypt reflected its strong risk-adjusted capitalisation, good track record of profitability and its sound domestic franchise.

The negative outlook reflected the heightened level of economic, political and financial system risk associated with Egypt. GIG-Egypt’s rating benefited from the financial strength of its parent company, Gulf Insurance Group K.S.C.P., and its strategic importance to the group, the rating agency added in its June report.

Furthermore, Shehata stated that the meeting would tackle GIG-Egypt’s business results for the current fiscal year, premium growth, and ways to raise the company’s credit rating.