AM Best has assigned the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) to Enaya Insurance Company K.S.C. (Closed) (Enaya) (Kuwait). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Enaya’s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management (ERM).
Enaya’s balance sheet strength is underpinned by its risk-adjusted capitalisation assessed at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The balance sheet strength assessment is supported by Enaya’s conservative investment strategy, with its portfolio consisting entirely of cash and deposits. An offsetting rating factor is the elevated counterparty credit risk stemming from Enaya’s low underwriting retention, although this is mitigated partially by the use of a reinsurance panel of excellent credit quality. In addition, the company has elevated exposure to an intercompany loan and receivables, which together composed 77% of capital and surplus in 2025.
Enaya has a track record of strong operating performance, demonstrated by a return-on-equity ratio of 16% in 2025. Earnings are supported by robust technical results, with a combined ratio of 92% on a net/net basis reported for 2025. Results have been complemented by modest investment performance, reflecting the conservative nature of the portfolio.
Enaya is owned by the Alghanim group, a multifaceted conglomerate primarily operating mainly within the Middle East. Enaya holds an established position within its domestic insurance market of Kuwait, where it benefits from its long-standing relationships and access to business from the group’s enterprises. The company’s portfolio is concentrated by line of business and geography, with the majority consisting of medical and motor insurance in Kuwait.
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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