Mena News - Egypt: AM Best Affirms and Withdraws Ratings of Al Mohandes

Source: Middle East Insurance Review | Mar 2007

AM Best Company has affirmed the financial strength rating of “B++” (Good) and the issuer credit rating of “bbb” of Egypt’s Al Mohandes Insurance Company with a stable outlook.

The rating reflects the insurer’s strong risk-adjusted capitalisation and good operating performance, AM Best says in a statement. The rating agency also indicates that it “anticipates Mohandes to continue its good performance through targeting small entities, enabling the company to maintain its market position despite increased competition from domestic and foreign firms in Egypt”.

AM Best says it has withdrawn the rating in response to the company’s request and assigned it an NR-4 (Company Request).

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