News & Event Details

AM Best Rating Services has upgraded the long-term issuer credit rating of gig - Jordan from bbb to bbb+ and has affirmed the Financial Strength Rating of B++. The outlook of these ratings has been revised to stable.

AM Best has mentioned in its press statement that the upgrade of the credit rating comes in light of the strong financial position and the adequate operating performance of the company. The company maintained its positive performance throughout 2018 and 2019, which came in line with its strategy and plan. Moreover, the Agency announced that this rating reflects the substantial support gig - Jordan receives from its parent company, Gulf Insurance Group (gig), and the significant role it plays in the group.

 The stable outlook, on the other hand, reflects the recovery in technical profits. This is attributed to that gig - Jordan has improved its risk selection and pricing with an increased focus on underwriting a more balanced medical insurance portfolio. This has translated into a healthy combined ratio of 91.4% in 2018. AM Best expects technical profitability to be maintained at 2018 levels in the medium term.

It is worth mentioning that the rating of gig- Jordan is considered as the highest rating for a Jordanian Insurance Company granted by AM Best.