CORRECTING and REPLACING AM Best Withdraws Credit Ratings of Jordan French Insurance Company Limited

Headline of release should read:

AM BEST WITHDRAWS CREDIT RATINGS OF JORDAN FRENCH INSURANCE COMPANY LIMITED

The updated release reads:

AM Best has affirmed the Financial Strength Rating (FSR) of B (Fair) and Long-Term Issuer Credit Rating (Long-Term ICR) of “bb+” (Fair) of Jordan French Insurance Company Limited (JOFICO) (Jordan). The outlook of the FSR is stable while the outlook of the Long-Term ICR is negative. Concurrently, AM Best has withdrawn these Credit Ratings (ratings) as the company has requested to no longer participate in AM Best’s interactive rating process.

The ratings reflect JOFICO’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management (ERM).

The negative Long-Term ICR outlook reflects continuing pressures on the balance sheet strength stemming from weakening risk-adjusted capitalisation and marginal liquidity.

JOFICO reported a JOD 1.7 million after-tax cumulative loss in the third quarter of 2022, which led to a 12% decline in shareholders’ equity compared with 31 December 2021. However, AM Best expects earnings in the fourth quarter of 2022 to significantly offset these losses, and for the company’s risk-adjusted capitalisation to remain broadly stable compared with the prior year.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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