Best Affirms, Withdraws Ratings on Egypt’s Al Mohandes

A.M. Best Co. has affirmed the financial strength rating of “B++” (Good) and the issuer credit rating of “bbb” of Egypt’s Al Mohandes Insurance Company with a stable outlook.

Subsequently, Best said it had “withdrawn the rating in response to the company’s request and has assigned it an NR-4 (Company Request).”

“The rating reflects the company’s strong risk-adjusted capitalization and good operating performance,” Best said. The rating agency also indicated that it “anticipates Mohandes to continue its good performance through targeting small entities, enabling the company to maintain its market position despite increased competition from domestic and foreign firms in Egypt.”