LONDON: A.M. Best has maintained the under review with negative implications status for the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Saudi Arabian Insurance Company B.S.C. (C) (Damana) (Bahrain). The under review with negative implications status has been extended pending further review of the company’s longer-term commercial strategy.
On 13 April 2017, Damana’s Credit Ratings (ratings) were placed under review with negative implications following the discontinuation of the company’s strategic business relationship with Cigna Corporation, announced on 13 March 2017. The under review with negative implications status reflected the disruption to Damana’s business model and uncertainty regarding the outcome of the company’s strategy, as a result of losing this partnership that accounted for the majority of Damana’s premium revenue.
Since April 2017, management has discussed with A.M. Best its potential strategic initiatives; however, such plans are in the early stages of development. As a result, A.M. Best has not yet been able to evaluate the effect of these plans on the company’s ratings. The ratings will remain under review until A.M. Best has received and evaluated further information regarding the company’s future commercial strategy.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source.
For more information, visit www.ambest.com.
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.© Press Release 2018
On 13 April 2017, Damana’s Credit Ratings (ratings) were placed under review with negative implications following the discontinuation of the company’s strategic business relationship with Cigna Corporation, announced on 13 March 2017. The under review with negative implications status reflected the disruption to Damana’s business model and uncertainty regarding the outcome of the company’s strategy, as a result of losing this partnership that accounted for the majority of Damana’s premium revenue.
Since April 2017, management has discussed with A.M. Best its potential strategic initiatives; however, such plans are in the early stages of development. As a result, A.M. Best has not yet been able to evaluate the effect of these plans on the company’s ratings. The ratings will remain under review until A.M. Best has received and evaluated further information regarding the company’s future commercial strategy.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source.
For more information, visit www.ambest.com.
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.© Press Release 2018
