Bulletin: Salama/Islamic Arab Insurance Co. P.S.C. Ratings Remain On CreditWatch Negative

DUBAI (S&P Global Ratings) Jan. 16, 2025--S&P Global Ratings said today that it is keeping its 'BBB-' long-term insurer financial strength and counterparty credit ratings on Salama/Islamic Arab Insurance Co. P.S.C. on CreditWatch with negative implications. We originally placed the ratings on CreditWatch with negative implications on April 23, 2024 (see "Islamic Arab Insurance Co. (SALAMA) ?BBB-? Ratings On CreditWatch Negative On Solvency Deficit And High Investment Risk," published on RatingsDirect). The CreditWatch placement relates to Salama's regulatory solvency deficit. We understand that Salama's board and management are in active discussions with the regulator. Salama is also working on developing a solvency recovery plan, which will be submitted to the regulator for approval in the first quarter of 2025. We

...January 16, 2025 DUBAI (S&P Global Ratings) Jan. 16, 2025--S&P Global Ratings said today that it is keeping its '###-' long-term insurer financial strength and counterparty credit ratings on Salama/Islamic Arab Insurance Co. P.S.C. on CreditWatch with negative implications. We originally placed the ratings on CreditWatch with negative implications on April 23, 2024 (see "Islamic Arab Insurance Co. (SALAMA) `###-' Ratings On CreditWatch Negative On Solvency Deficit And High Investment Risk," published on RatingsDirect). The CreditWatch placement relates to Salama's regulatory solvency deficit. We understand that Salama's board and management are in active discussions with the regulator. Salama is also working on developing a solvency recovery plan, which will be submitted to the regulator for approval in the first quarter of 2025. We also note that the current CEO resigned and Salama intends to find a suitable replacement soon. We intend to resolve the CreditWatch placement once we have...

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