AM Best affirms ‘A’ Excellent rating to GIG Gulf for the second consecutive year

AM Best affirms ‘A’ Excellent rating to GIG Gulf for the second consecutive year

Dubai, UAE: GIG Gulf, one of the largest insurance providers in the MENA region, announced today that AM Best affirmed its Financial Strength Rating (FSR) of “A” (Excellent) and Long-Term Issuer Credit Rating (Long-Term ICR) of “A” (Excellent), for the second year in a row. The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect the financial strength of GIG Gulf for its operations across its four key markets of Bahrain, Oman, Qatar and the UAE. AM Best refers to the firm’s balance sheet strength assessment as being ‘very strong’, pointing to its risk management capabilities and strong operating performance.

Additionally, GIG Gulf's track record of strong profitability, solid underwriting, and minimal reliance on reinsurance is recognised by the credit rating, particularly when compared to regional peers.

Paul Adamson, CEO of GIG Gulf, said, “Following the challenges of the pandemic, we smoothly transitioned our brand from AXA to GIG whilst maintaining our commitment to our customers and distributors. To streamline our customer experience and expedite the pace of innovation for the local insurance markets, we have successfully completed our digital transformation. We have remained financially strong, maintained ongoing investments in the region, and with the well-being of our employees at