A.M. Best Assigns Ratings to SALAMA Islamic Arab Insurance Co. (P.S.C.).OLDWICK, N.J. -- A.M. Best Co. has assigned a financial strength rating of B++ (Good) and an issuer credit rating of "bbb+" to SALAMA Islamic Arab Insurance Co. (P.S.C.) (SALAMA) (United Arab Emirates United Arab Emirates, federation of sheikhdoms (2005 est. pop. 2,563,000), c.30,000 sq mi (77,700 sq km), SE Arabia, on the Persian Gulf and the Gulf of Oman. ). The outlook for both ratings is stable. The ratings reflect the company's strong risk-adjusted capitalisation, which is supported by very good operating performance. A.M. Best anticipates a combined ratio of 96%, translating into an after-tax profit of approximately USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 50 million. Operating performance is likely to remain strong in 2007 as underwriting conditions remain good across the main lines of business written by the company. Dubai-based SALAMA has a good business profile as one of the largest Takaful | Takaful is an Islamic insurance concept which is grounded in Islamic muamalat (banking transactions), observing the rules and regulations of Islamic law. and Retakaful companies in the Arab world and operates through different subsidiaries including B.E.S.T. Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. (Tunisia), which is the most important. In A.M. Best's opinion, SALAMA has good growth prospects as a result of the increasing demand for Shari'ah compliant products. The company is expected to have written approximately USD 180 million in gross premiums written When a non-life insurance company closes a contract to provide insurance against loss, the revenues (premiums) expected to be received over the life of the contract are called gross premiums written. (GPW GPW Gridded Population of the World GPW Gross Premiums Written GPW Gross Product Worth GPW Geneva Convention Relative to the Treatment of Prisoners of War, 12 August 1949 GPW General Purpose Warehouse GPW Grand Prix White (Honda) ) in 2006 and is likely to write approximately USD 200 million in GPW in 2007. For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors. For more information, visit www.ambest.com. |
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