Saudi Arabia: Moody's assigns stable outlook rating to Saudi Re

Source: Middle East Insurance Review | Jul 2018

Moody’s has assigned an A3 insurance financial strength rating (IFSR) to Saudi Re, with stable outlook.

The A3 rating reflects the company’s strong brand and market position in the kingdom, as well as a growing presence in its target markets of Asia, Africa and Lloyd’s; its strong asset quality exemplified by its conservative investment portfolio; its good capital adequacy; and its strong financial flexibility.

The stable rating outlook reflects Moody’s expectations that Saudi Re will keep up its recent improvements in profitability while maintaining its strong assets quality, capital adequacy and adequate level of reserves.

Saudi Re’s managing director & CEO Fahad Al-Hesni said, “We are very pleased to receive the A3 rating from Moody’s, which will further reinforce the confidence of our clients, partners and shareholders in Saudi Re. The rating is expected to strengthen Saudi Re’s competitive position and support its growth plans in the international markets.” M

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