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A.M. Best downgrades Abu Dhabi National Insurance

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A.M. Best downgrades Abu Dhabi National Insurance

A.M. Best on May 6 lowered to B++ (Good) from A- (Excellent)the financial strength rating of Abu Dhabi National Insurance Co. PSC.

The rating agency also lowered the company's issuer creditrating to "bbb+" from "a-". Both ratings were removed fromunder review with negative implications and assigned a stable outlook.

The agency attributed the downgrades to the company's weakearnings performance in 2014 and 2015 and its deteriorated risk-adjustedcapitalization in 2015, together with the company's inability to restore itscapital position in a timely manner.

However, the outlook reflects the steps the company took toimprove its governance structure and underwriting discipline, includingreshuffling the senior management team and revamping its claims and reservingprocesses.