Doha – Mubasher: S&P Ratings has revised its outlook for Qatar-based Seib Insurance and Reinsurance Company to positive from stable.
The international ratings agency also affirmed its ‘BBB’ counterparty credit and insurer financial strength ratings (FSR) as well as its ‘gcAA’ GCC regional scale rating, Seib revealed in a statement released Tuesday.
These ratings follow the company’s “exceptional growth and outstanding performance throughout the past year,” the statement indicated, highlighting Seib’s rapid progress and ability to meet financial commitments.
“A remarkable feat in such a short window of time, Seib’s extraordinary achievement demonstrates the Company’s ability to leverage growth opportunities in challenging economic times and positions it at the level of its renowned international peers,” the Qatari insurer stated.
Throughout its six years of operation, Seib has become one of the three largest medical insurance firms and situated itself among the top six insurance companies in the country.
Commenting on the S&P upgrade, Seib board chairman Jabor Yousef Jassim Al Thani stated that “Revising the BBB rating to a positive outlook by [S&P] not only recognizes Seib’s solid capabilities and its capacity to achieve future growth and expansion, but is also a testament to the success that Seib has achieved over the years as well as our effective identification of opportunities and utilisation of resources to achieve the goals…set for the year 2017 and beyond.”
Seib dedicates this rating and achievement to “realising the objectives of Qatar’s rapidly evolving National economy and its National Vision for the year 2030, while taking the insurance industry in the country and the region to greater new heights,” he added.
