LONDON--(BUSINESS WIRE)--AM Best has placed under review with developing implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Bahrain National Insurance Company B.S.C. (c) (BNI) (Bahrain).
The Credit Rating (rating) actions follow the announcement on 11 August 2024 that BNI’s parent company, Bahrain National Holding Company B.S.C., accepted a binding offer received from Solidarity Group Holdings B.S.C. (c) to sell 100% of BNI and Bahrain National Life Assurance Company B.S.C. (c) for a total purchase price of BHD 75 million. This transaction is currently subject to further due diligence and receipt of all corporate and regulatory approvals, and signing of definitive agreements.
The ratings are expected to remain under review with developing implications until the transaction closes and AM Best has assessed its impact on BNI's credit rating fundamentals.
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