S&P upgrades Tawuniya’s credit rating to ‘A’ with stable outlook

Logo of The Company for Cooperative Insurance (Tawuniya) 

S&P Global Ratings upgraded the credit rating for The Company for Cooperative Insurance (Tawuniya) from (A-) to (A), with Stable outlook, the insurer said in a statement to Tadawul.

S&P highlighted in its report that the major driver for the upgrade was the material improvement in Tawuniya's capital adequacy ratio (CAR) under the new criteria, which followed lower liability risk charges and higher total adjusted capital. 

The agency has a stable outlook for Tawuniya due to its expectations that the company will maintain its market-leading position, as well as robust CAR, supported by both its underwriting and investment activities over the next two years, the statement added.