May 06 2012
|more articles from|
S&P affirms BBB+ rating for Saudi Re
Saudi Re's strength factors, in the view of S&P, included the strong capitalization of Saudi Re making it one of the most strongly capitalized out of all Middle East and North Africa (MENA) regional reinsurers.
S&P said Saudi Re possesses an absolute level of capitalization that ranks it as one of the leaders in terms of overall capacity among Middle Eastern regional reinsurers, and its board of directors has the vision to grow its business stature accordingly in the medium term.
Despite continued competition from regional and global reinsurers, S&P anticipates that Saudi Re will differentiate itself sufficiently from other reinsurers to win an increasing share of the steadily growing Saudi Arabian, GCC, and broader emerging markets' demand for reinsurance protection.
Fahad Al-Hesni, CEO of Saudi Re, said "preserving the rating for four years in a row is indicative of Saudi Re's sound business strategy and fosters our reputation for being a reliable business partner in the eyes of our valued clients."
Saudi Re is the first licensed reinsurance firm in Kingdom.
© Copyright Zawya. All Rights Reserved.