News & Event Details

The global credit rating agency AM Best has upgraded the Long-Term Issuer Credit Rating (ICR) of Gulf Insurance Group – Jordan from “BBB+” (Good) to “a-” (Excellent), and also upgraded the Financial Strength Rating (FSR) from “B++” (Good) to “A-” (Excellent), with a Stable Outlook for both ratings.

With this upgrade, Gulf Insurance Group – Jordan has received the highest credit rating ever awarded to a Jordanian insurance company in the local market, becoming the first company to reach this level of recognition.

In its press release, AM Best noted that the upgrade reflects the company’s strong financial position, solid operating performance, well-balanced portfolio, sound enterprise risk management, maintenance of the strongest level of capital adequacy, and its leadership in the local insurance market. The company also demonstrated positive investment performance and portfolio diversification, while maintaining excellent liquidity and financial flexibility. The agency further confirmed that the rating reflects the support Gulf Insurance Group – Jordan receives from its parent company, Gulf Insurance Group, and its strategic importance within the Group.

Chairman Eng. Nasser Al-Lozi expressed his pride in this achievement, emphasizing that it would not have been possible without the dedication of the company’s team across all functions, as well as the unwavering support from Gulf Insurance Group and Fairfax Financial Holdings.

Chief Executive Officer Dr. Ali Wazaney expressed his satisfaction with the A- rating, stating that it serves the best interests of the company’s clients by offering greater protection, while also enhancing the company’s underwriting capacity, competitive edge, and leadership in the local market.

Founded in 1899, AM Best is the oldest credit rating agency specializing in insurance and reinsurance companies. It is worth noting that Gulf Insurance Group – Jordan received its first credit rating from AM Best in 2006.