Tagged: Fort Mill Times

A.M. Best Withdraws Ratings of Boubyan Takaful Insurance Company KSC (CLOSED)

A.M. Best Withdraws Ratings of Boubyan Takaful Insurance Company KSC (CLOSED)

A.M. Best Europe – Rating Services Limited has revised the outlook to stable from positive and affirmed the financial strength rating of C++ (Marginal) and the issuer credit rating of “b” of Boubyan Takaful Insurance Company (Kuwait). The revised outlook reflects Boubyan’s decision not to ring-fence assets in favour of policyholders. The risk-adjusted capitalisation of Boubyan’s policyholders’ fund remains weak. Additionally, recent management turnover adds uncertainty to the future performance of the company. Boubyan has experienced volatile operating results and is a small player in the Kuwaiti market. Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in A.M. Best’s interactive rating process.