AM Best has confirmed Salama group and reinsurer Best Re’ratings

Rating agency AM Best has confirmed the (A-) financial soundness and (a-) credit ratings granted to Islamic Arab insurance Company (Salama) and to its subsidiary Best Re. The rating underscores the considerable contribution of Best Re to the entire group. In 2010, Salama posted a combined ratio of 93.5% and a ROE of 3.7%.
Best Re’s ratings reflect the reinsurer’s good positioning on the markets, the stability of its underwriting results as well as the good level of risk-adjusted capitalization. Best Re accounts for two thirds of the group’s turnover. AM Best is expecting Best Re to maintain its combined ratio around 90% over the next two years.