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AM Best Maintains Under Review With Developing Implications Status for Credit Ratings of First Insurance Company

By: via Business Wire

 

AM Best has maintained the under review with developing implications status for the Financial Strength of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of First Insurance Company (SFIC) (Jordan).

The Credit Ratings (ratings) were first placed under review on 23 August 2024, following the announcement that SFIC’s parent company, Solidarity Group Holding B.S.C. (c) (SGH), agreed to purchase the operations of Bahrain National Insurance Company B.S.C. (c) (BNI) and Bahrain National Life Assurance Company B.S.C. (c) (BNL) for a total purchase price of BHD 75 million. The completion of the acquisition of 100% of the shares in BNI by SGH and BNL by SFIC’s sister company, Solidarity Bahrain B.S.C. (Solidarity Bahrain), was announced in April 2025. On 13 August 2025, Solidarity Bahrain received approval from the Central Bank of Bahrain to proceed with the acquisition of 100% of the shares in BNI from its parent company, SGH.

The ratings are expected to remain under review until AM Best has received sufficient information from SFIC and is able to assess the implications of the transaction on its credit rating fundamentals.

This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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