Misr Insurance Cites Egypt Stability to Get A.M. Best’s Credit Rating

The leading insurance market in the Middle East Misr Insurance Company (MIC) has finalized 80% of the procedures required to get the credit ratings reports from A.M. Best Company, the MIC’s chairman told Amwal Al Ghad on Sunday.

A.M. Best Company – the leading information provider for the global insurance industry – has traditionally focused exclusively on providing a letter rating for insurance carriers.

Ahead of starting its official negotiations with A.M. Best Company, Mr. Adel Moussa – MIC’s chairman – said his firm is in talks with foreign reinsurers about doing financial and technical assessments of MIC.

Mr. Moussa further noted that Misr Insurance Co. will await till the country witnesses political and economic breakthroughs before start to hold talks with  A.M. Best Company.

Misr Insurance Co. is targeting pushing up its credit rating from A- to A+, he added.