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Moody's upgrades Gulf Insurance Group's Egyptian unit

Moody's on Feb. 15 upgraded the insurance financial strength rating of Egypt-based Arab Misr Insurance Group Co. SAE to Ba3 from B1, with a stable outlook.

The rating agency said the upgrade reflects its view of the growing importance of the Egyptian unit to its Kuwait-based parent, Gulf Insurance Group KSCP, in terms of underwriting results as well as closer integration, resulting in a higher level of support from the group.

The stable outlook on Arab Misr Insurance reflects Moody's expectation that the insurer will maintain its growing and strong market position and brand while delivering strong underwriting results.