International ratings agency Standard & Poor's has withdrawn its BB-plus ratings on Bahrain-based Arig Re, at the request of the company.
S&P said this followed the decision of the parent company, Arab Insurance Group (Arig), to assume the reinsurance operations and all the assets and liabilities of Arig Re as of 1 October 2001.
At the time of the withdrawal, the insurer financial strength and counterparty credit ratings of Arig Re were on CreditWatch with positive implications.