AM Best’s Credit Ratings of Noor Takaful General PJSC and Noor Takaful Family PJSC under review, pending completion of acquisition

The Financial Strength Ratings (B) and the Long-term Issuer Credit Ratings (BB) of Noor Takaful General PJCS (NTG) and Noor Takaful Family PJSC (NTF), have been placed under review following the acquisition announcement by the UAE’s Dar Al Takaful, on February 18th, 2020.

AM Best has stated that it needs to assess the impact that a potential change in ownership of NTG and NTF will have on the companies’ credit fundamentals, as well as the likely impact of the consolidated financial strength and leverage of the new parent on the subsidiaries.

The potential acquisition is pending regulatory and shareholder approval. Ratings are likely to remain under review until the completion of the acquisition (expected to be completed in the second quarter of 2020) and will...