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27/01/2013 07:23 AST
A.M. Best Europe - Rating Services Limited has downgraded the financial strength rating to B++ (Good) from A- (Excellent) and issuer credit rating to "bbb+" from "a-" of Islamic Arab Insurance Co.(Salama) (United Arab Emirates). The ratings have been removed from under review with negative implications and assigned a negative outlook. Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in A.M. Best's interactive rating process.
The rating actions are due to the uncertainty regarding Salama's main subsidiary, BEST RE (L) Limited (BEST RE) (Malaysia), and the potential implications for Salama`s capitalisation, operating performance and profile.
Salama's performance in the first three quarters of 2012 was affected by the adverse development of Thailand flood losses at BEST RE, with Salama's loss ratio rising to 76 per cent, against 57 per cent in the same period in 2011. BEST RE represented 66 per cent of Salama's gross written premiums in 2011, and therefore is material to the group.
CPI Financial
13/03/2014
The Capital Market Authority announces the issuance of a CMA Board resolution to impose a penalty of SR 70,000 (Seventy Thousand Saudi Riyals) on Salama Cooperative Insurance Co. due to its violation
Tadawul
02/07/2013
Salama Cooperative Insurance Co announces obtaining on 01-07-2013 corresponding to 22-08-1434 the Saudi Arabian Monetary Agency (SAMA) letter No. 341000103082 dated 01-07-2013 corresponding to 22-08-
Tadawul
01/04/2013
Salama Announces its financial results for the year 2012 and reports underwriting loss of AED 264 million.
Press Release
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| BUPAARABIA | 165.80 | 3.40 (2.09 |
| TAWUNIYA | 136.00 | 2.80 (2.10 |
| ALRAJHITAKAFUL | 114.80 | 2.00 (1.77 |
| QATI | 1.96 | 0.03 (1.55 |
| RASAN | 79.30 | 1.20 (1.53 |
29/05/2025
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29/05/2025
In recognition of its exceptional services and continued achievements both locally and regionally, National Investments Company (NIC) has been awarded the title of Best Investment Bank in Equity Mark
Kuwait Times
29/05/2025
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The Peninsula
29/05/2025
Vodafone Qatar has recently announced an agreement with Nokia to lead a nationwide network modernisation that will enable it to deliver faster, more secure, and highly adaptable 5G services to consu
The Peninsula
29/05/2025
Saudi Aramco has priced its dollar-denominated 3-part bonds at $5 billion and set spread for them, fixed income news service IFR reported on Tuesday.
Aramco priced its five-year debt sale at
Reuters
Financial Information Co.
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