AM Best revises GIG Jordan's rating upwards

AM Best has upgraded Gulf Insurance Group's (GIG Jordan) financial strength and long-term credit ratings. The former rating has been upgraded from “B++” (Good) to “A-” (Excellent), and the latter from “bbb+” to “a-”. The outlook remains stable.

The agency's decision is motivated by the company's steadily improving operating performance, reflected in a combined ratio of 92% in 2023, against 95.6% in 2022.

The rating also recognizes the insurer's strong balance sheet, neutral business profile, appropriate enterprise risk management and strategic importance to its parent company Gulf Insurance Group (GIG).