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AM Best Downgrades Credit Ratings of Insurance House P S C ; Places Credit Ratings Under Review With Negative Implications
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AM Best Downgrades Credit Ratings of California Casualty Group Members
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AM Best Downgrades Credit Ratings of New York Schools Insurance Reciprocal
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LONDON - MAY 06, 2021 12:31 PM (EDT)
AM Best has downgraded the Financial Strength Rating to B (Fair) from B+ (Good) and the Long-Term Issuer Credit Rating to bb+ from bbb- of Al-Sagr National Insurance Company P.S.C. (ASNIC) (United Arab Emirates). The outlook for each Credit Rating (rating) has been revised to stable from negative.
The ratings reflect ASNIC s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management.
The rating downgrades reflect a material deterioration in ASNIC s risk-adjusted capitalisation to the very strong level, as measured by Best s Capital Adequacy Ratio (BCAR), reflecting lower shareholders funds due to two consecutive years of accounting restatements.