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Saudi Reinsurance Co. (Saudi Re) announced that it maintained an AA+ Insurance Financial Strength Rating (IFSR) by SIMAH's Credit Rating Agency, Tassnief, with a stable outlook, according to a bourse filing.

 

According to the report issued by Tassnief today, Nov. 28, the rating reflects Saudi Re’s low risk profile, strong balance sheet strength, improving operating performance, diversified business profile, and sound enterprise risk management.

 

Ratings also took into account the company’s increasing market share, strong brand strength and competitive advantages in the Saudi market, and diversified operations with increasing presence in its target markets of Asia, Africa and Lloyd's.

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