Kuwait-Mubasher: Al-Ahleia Insurance said that Standard & Poor's Ratings Services has revised the company’s 'A-' counterparty credit and insurer financial strength ratings, following their removal from CreditWatch with negative implications, yet the outlook remains stable.
The reaffirmation followed Al-Ahleia’s acquisition of 62% additional stake in Kuwait Reinsurance. Thus, Al-Ahleia currently owns 92% of the reinsurance firm.
“The stable outlook reflects our view that Al-Ahleia will maintain its extremely strong capital adequacy through internal earnings generation and the liquidation of some equity investments, easing capital requirements,” clarified S&P.
