A.M. Best places credit ratings of Al Ittihad Al Watani under review with positive implications
A.M. Best has placed under review with positive implications the Financial Strength Rating of C (Weak) and the Long-Term Issuer Credit Rating of “ccc+” of Al Ittihad Al Watani (L’Union Nationale) Société Générale D’Assurances du Proche Orient, sal (Al Ittihad) (Lebanon).
The Credit Rating (rating) actions follow the completion of the acquisition of 94 per cent of Al Ittihad’s share capital on 12 December 2016 by Nasco Insurance Holding SAL, a member of Nasco Insurance Group Limited, a large insurance, reinsurance and insurance-related services group operating across Europe and the Middle East. The under review with positive implications status reflects the potential financial and operational benefits that Al Ittihad could derive from being a member of a larger and more diverse group, including strengthening of Al Ittihad’s capital base in the short term.
A.M. Best will continue to monitor the impact of the transaction on Al Ittihad’s ratings fundamentals and expects the under review with positive implications status to be resolved following comprehensive further analysis, including discussions with management.