![]() ![]() Scribes put determinatives on the ends of these words to show which word was meant. ![]() Due to this, some words used the same constants. View source version on businesswire.The Egyptian language did not have written vowels, so the exact pronunciation of ancient Egypt is not known. For more information, visit Copyright © 2022 by A.M. ![]() ![]() 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 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.ĪM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. 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. This press release relates to Credit Ratings that have been published on AM Best’s website. In addition, GIG has demonstrated its commitment to GIG-Egypt through the periodic capitalisation of retained earnings, providing funding for capital expenditures and by increasing its ownership stake. GIG continues to integrate its subsidiary operationally within the broader group, providing support in areas such as reinsurance purchasing, risk management, pricing and reserving, and investment management services. However, the company’s profile is limited to its domestic market and is concentrated heavily toward the motor business line on a net premium basis. GIG-Egypt is the third-largest non-life insurer in its domestic Egypt market, measured by GWP, with a non-life market share of approximately 7%. GIG-Egypt generated a five-year (2017-2021) weighted average return on equity of 26.5% and has an excellent underwriting record, with a five-year (2017-2021) average combined ratio of 84.1%. GIG-Egypt has a record of generating strong earnings despite the challenging operating conditions and high inflationary environment of Egypt. The assessment also considers GIG-Egypt’s exposure to high levels of economic, political and financial system risk from operating exclusively in Egypt. AM Best expects GIG-Egypt’s consolidated risk-adjusted capitalisation to remain at the strongest level. Furthermore, the company benefits from low underwriting leverage and has a history of internal capital generation. Regulatory restrictions in Egypt limit the investment opportunities available to GIG-Egypt however, the company’s capital position is sufficiently robust to absorb the higher risk charges associated with assets held locally. The company’s capital requirements are driven by investment risk, with the majority of its assets held in Egyptian government bonds and local real estate. GIG-Egypt’s balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). AIG Egypt holds a 1% share of Egypt’s non-life domestic market by gross written premium (GWP). In August 2022, it was announced that GIG-Egypt will acquire AIG Egypt Insurance Company S.A.E. (GIG), reflecting the strategic importance of GIG-Egypt to the group. The ratings also factor in rating enhancement from GIG-Egypt’s parent company, Gulf Insurance Group K.S.C.P. The ratings reflect GIG-Egypt’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. The outlook of these Credit Ratings (ratings) is stable. LONDON, October 06, 2022-( BUSINESS WIRE)- AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb+" (Good) of GIG Insurance - Egypt S.A.E. ![]()
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