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Insurance ratings actions: A.M. Best upgrades Solidarity Group's subsidiaries

S&P Global Market Intelligence compiles ratings actions in the insurance space daily through 5 p.m. ET. Actions after 5 p.m. ET will be included in the following day's roundup.

Middle East and Africa

A.M. Best upgraded the long-term issuer credit rating to "bbb+" from "bbb" of Solidarity Bahrain BSC. The outlook was revised to stable from positive.

The rating agency also affirmed the company's B++ financial strength rating. The outlook remains stable.

The ratings reflect Solidarity Bahrain's balance sheet strength, which A.M. Best categorizes as very strong, and its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also consider the company's strategic importance to its parent company, Solidarity Group Holding BSC.

The upgrade reflects the improvement in Solidarity Bahrain's business profile due to its parent's stronger competitive position in Bahrain following the integration of Al Ahlia Insurance Co. BSC, which it acquired in 2016.

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A.M. Best upgraded the long-term issuer credit rating to "bbb+" from "bbb" of First Insurance Co. The outlook was revised to stable from positive.

The rating agency also affirmed the company's B++ financial strength rating. The outlook remains stable.

The ratings reflect First Insurance's balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also consider the company's strategic importance to its parent company, Solidarity Group Holding.

The upgrade reflects the improvement in the company's business profile due to the integration of Al Ahlia Insurance Co., which led to its parent's stronger competitive position in Bahrain.

Asia-Pacific

Fitch Ratings affirmed the A+(lka) national insurer financial strength rating of People's Insurance PLC. The outlook is stable.

The rating reflects the company's moderate business profile, satisfactory financial performance and earnings, and its conservative investment policy. The rating also reflects the rating agency's expectation that the company's regulatory capital position will recover after having somewhat weakened in 2019.

The company's business profile is moderate compared to other domestic nonlife insurers due to its substantive business franchise and competitive advantages, supported by the company's association with the strong brand of People's Bank, according to Fitch.

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