Logo of Saudi Re
Saudi Reinsurance Co. (Saudi Re) maintained A3 Insurance Financial Strength Rating (IFSR) by Moody’s Investor Service, with stable outlook, according to the credit opinion report announced on Dec. 9.
The company said in a bourse statement that the A3 IFSR rating reflects the company’s strong brand and market position in Saudi Arabia as the sole professional reinsurer as well as a growing presence in its target markets of Asia, Africa and Lloyd’s; preferential position in the Saudi market due to a right of first refusal on a portion of premiums ceded by primary carriers; strong asset quality exemplified by its conservative investment portfolio; good capital adequacy, both in terms of capital levels, and relatively modest exposure to natural catastrophe risk; and strong financial flexibility with non-existent leverage and good access to capital markets in Saudi Arabia given its listing on the Saudi stock market and broad investor base.
The stable rating outlook reflects Moody’s expectation that Saudi Re will maintain its improved profitability whilst maintaining its strong assets quality, capital adequacy and adequate level of reserves.
Maintaining the rating is expected to further strengthen Saudi Re competitive position and support its growth efforts in the international markets.
Comments
{{DisplayName}}
{{ElapsedTime}}