A.M. Best Downgrades Issuer Credit Rating of Al Ittihad Al Watani
A.M. Best has downgraded the issuer credit rating to“ bb” from“ bb+” and affirmed the financial strength rating of B of Al Ittihad Al Watani Société Générale D’ Assurances du Proche Orient, sal. Al Ittihad recorded a net loss of LBP 4.4 billion in 2013, against a loss of LBP 7.2 billion in 2012. The 2013 net loss primarily stemmed from poor underwriting performance…
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