Best Affirms Al Chark Ratings

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

“The ratings reflect Al Chark’s good risk-adjusted capitalization, improving (although weak) underwriting results and its strong business profile in the Egyptian insurance market,” said Best.

The rating agency also said that it “believes that Al Chark’s prospective risk-adjusted capitalization will remain commensurate with the current ratings, factoring an improvement in its underwriting results, continued favorable investment return and stabilization of rates and reserves in its motor compulsory portfolio.”