AM Best has downgraded from “A-” (excellent) to “B++” the financial soundness rating of Al Fajer Retakaful Insurance Company.
According to AM Best, this rating with negative outlook is accounted for by the lack of control in the insurer'sfinancial management. 30% of the company's investments are placed at Investment Dar (TID), a Kuwaiti financial institution witnessing financial difficulties since May 2009.
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