Saudi Re assigned ‘AA+’ financial strength rating by SIMAH

Saudi Re for Cooperative Reinsurance Co. was assigned an “AA+” insurance financial strength rating (IFSR) by SIMAH's Credit Rating Agency (Tassnief), with stable outlook, the company said in a bourse statement on Wednesday.

The rating reflects the insurer’s strong financial position, solid equity base and debt-free capital structure.

“It also incorporates the strength of the business profile having a well-established franchise in the key targeted markets that the company operates in, as well as the improved level of diversification for the international business, and the entry into the Lloyd’s market and a well diversified GPW mix among the major lines of business,” the statement added.

The rating also underlined Saudi RE’s sound governance, conservative investment policy, improved underwriting procedures and risk management techniques, which enhanced the company’s technical performance.