Latest news with #AICJ
Yahoo
29-05-2025
- Business
- Yahoo
AM Best Places Credit Ratings of Arabia Insurance Company – Jordan Under Review With Developing Implications
LONDON, May 29, 2025--(BUSINESS WIRE)--AM Best has placed under review with developing implications the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of "bb" (Fair) of Arabia Insurance Company – Jordan (AICJ) (Jordan). This Credit Rating (rating) action follows the announcement on May 21, 2025, that AICJ's ultimate parent, Arabia Group Holding Limited, has signed an agreement to sell a 39% stake in the company to Jerusalem Insurance Company PLC. Although not yet completed, the transaction has received regulatory approval. The under review with developing implications status reflects uncertainty over AICJ's future strategy and its financial strength. The ratings are expected to remain under review with developing implications until AM Best has assessed the impact on AICJ's credit rating fundamentals, which includes an assessment of the acquirer's creditworthiness. 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 Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Dale Kirby Senior Financial Analyst +44 20 7397 0276 Ben Diaz-Clegg Associate Director, Analytics +44 20 7397 0293 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Business Wire
29-05-2025
- Business
- Business Wire
AM Best Places Credit Ratings of Arabia Insurance Company – Jordan Under Review With Developing Implications
LONDON--(BUSINESS WIRE)-- AM Best has placed under review with developing implications the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of 'bb' (Fair) of Arabia Insurance Company – Jordan (AICJ) (Jordan). This Credit Rating (rating) action follows the announcement on May 21, 2025, that AICJ's ultimate parent, Arabia Group Holding Limited, has signed an agreement to sell a 39% stake in the company to Jerusalem Insurance Company PLC. Although not yet completed, the transaction has received regulatory approval. The under review with developing implications status reflects uncertainty over AICJ's future strategy and its financial strength. The ratings are expected to remain under review with developing implications until AM Best has assessed the impact on AICJ's credit rating fundamentals, which includes an assessment of the acquirer's creditworthiness. 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.
