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AM Best has revised the outlook to stable from negative and affirmed the Financial Strength Rating of B+ (Good) and Long-Term Issuer Credit Rating issuer credit rating of “bbb-” (Good) of SNIC Insurance B.S.C. (c), a conventional Insurance Company licensed by the Central Bank of Bahrain.
The ratings and revision of the outlook reflects the strength of SNIC’s balance sheet remaining very strong, supported by risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR) which is expected to remain at or above the very strong level. The stable outlook also considers SNIC’s future operating performance expected to continue benefiting from successful execution of its strategic plan.
Mr. Khalid Al Shaikh, General Manager of SNIC Insurance said: “I am so delighted with the restoration of the stable outlook and reaffirmation of SNIC financial Strength to B+ (Good). This rating reflects SNIC’s solid financial position to meet its short and long-term commitments. With the successful execution of SNIC’s strategy, we have strengthened our insurance underwriting results, expanded our partnerships and presence in retail and Small to Medium Enterprise Segments. Part of SNIC’s successful execution of the strategic plan, was the development of the Employee Benefit Platform serving Medical and Life corporate clients with first of its kind digital solution in the kingdom of Bahrain enhancing customer’s digital experience.”
Mr. Al Shaikh added: “We took advantage of COVID-19 pandemic to transforming SNIC’s culture to be agile and resilient. The transformation of SNIC’s culture assisted us to innovate and launch new products and services. I’m also very pleased because this achievement coincides with SNIC’s 15th Anniversary operating in Bahrain as a rated company since 2009. In a short period, SNIC was able to acquire a decent market share, maintain reputed business accounts and achieved its business goals in growing the insurance portfolio and strengthening SNIC’s financial position despite the international economic turmoil experienced in recent years as well as operating in a highly limited competitive market.”
Mr. Al Shaikh Concluded: “I would like to take this opportunity to dedicate this achievement to our clients, stakeholders and Board of Directors for their continued trust, and to thank SNIC employees for their dedication and commitment to successfully executing the strategy, and here I wish to confirm our commitment to our clients and stakeholders in continuing our journey in providing all necessary support and services for exceeding their expectations.”
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© Press Release 2021
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