AM Best upgrades the rating of First Insurance

AM Best has upgraded the Long-Term Issuer Credit Rating of Solidarity First Insurance Company's (SFIC) from bbb to bbb+ and revised its outlook from positive to stable.

However, the agency has affirmed the company's Financial Strength Rating of B++ (Good) with stable outlook.

These ratings reflect the strength of the SFIC's balance sheet, its adequate operating performance and its appropriate enterprise risk management. AM Best has also taken into account the strategic and competitive position of the parent company, Solidarity Group Holding, in the Gulf countries.

Read also | AM Best rating scale