AM Best Comments on Credit Ratings of Solidarity Bahrain B.S.C. After Shareholders Approve Merger with T'Azur Company B.S.C.

ENPNewswire-October 7, 2021--AM Best Comments on Credit Ratings of Solidarity Bahrain B.S.C. After Shareholders Approve Merger with T'Azur Company B.S.C

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Release date- 06102021 - AM Best has commented that the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of 'bbb+' (Good) of Solidarity Bahrain B.S.C. (Solidarity Bahrain) (Bahrain) remain unchanged following Solidarity Bahrain's recent announcement that its shareholders have approved the proposed merger of the company with T'Azur Company B.S.C. (T'Azur).

The scope of the merger primarily covers T'Azur's takaful operations in Bahrain and was approved by a majority of the two companies' shareholders at their respective extraordinary general meetings (EGMs) held on 29 September 2021. The proposed merger remains subject to further regulatory approvals, in particular from the Central Bank of Bahrain for the transfer of business, assets, and liabilities from T'Azur to Solidarity, in exchange for shares in Solidarity at a mutually agreed swap ratio as approved by the shareholders in the EGMs.

The proposed transaction is in line with Solidarity Bahrain's strategy to enhance its position in its domestic market. AM Best will monitor the execution of the transaction and its impact on the company and the wider group.

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