Saudi Re rated ‘A-’ by S&P with stable outlook

Logo of Saudi Re

S&P Global Ratings assigned on Dec. 16 ‘A-’ long-term issuer credit and insurer financial strength ratings to Saudi Re for Cooperative Insurance Co. with a stable outlook. Saudi Re was also assigned a ‘gcAA+’ GCC regional scale rating, the insurer said in a statement to Tadawul.

S&P noted that Saudi Re has continued to strengthen its competitive position backed by profitable business growth and diversification in the recent years, thanks to local and international expansions.

In the meantime, Saudi Re's exposure to catastrophe and other large risks is relatively modest and the company maintains capital adequacy above the 'AAA' level in S&P’s model.

The outlook reflects that Saudi Re will maintain excellent capital adequacy and continue to profitably expand and diversify its business over the next two years.

Saudi Re expects that obtaining this rating will further strengthen Saudi Re competitive position and support its growth