LONDON--()--AM Best has maintained the under review with developing implications status for the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of First Insurance Company (SFIC) (Jordan).

The Credit Rating (rating) action follows the announcement on 9 January 2025 that SFIC’s sister company, Solidarity Bahrain B.S.C., has signed a sale and purchase agreement (SPA) with Bahrain National Holding Company B.S.C. in relation to the acquisition of 100% of the issued share capital of each of Bahrain National Insurance Company B.S.C. (c) (BNI) and Bahrain National Life Assurance Company B.S.C. (c) (BNL) for a total purchase price of BHD 75 million. The signing of the SPA follows the previous announcement on 11 August 2024 that SFIC’s parent company, Solidarity Group Holding B.S.C. (c), agreed to purchase the operations of BNI and BNL.

The ratings are expected to remain under review with developing implications until the transaction closes and AM Best has assessed its impact on SFIC’s credit rating fundamentals.

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