Doha – Mubasher: Seib Insurance & Reinsurance Company LLC (SEIB) held its latest board meeting on 15 November to announce its outstanding achievements and financial results in 2016 and approve 2017's Plans.
The meeting also included congratulations for the board members on the company’s strong S&P rating, according to a press release on Tuesday.
"2016 marked another successful year for our Company, which was proudly translated into a BBB Global and gcAA Regional rating from Standard & Poor’s with strong capital adequacy in excess of S&P AAA requirements which reflects S&P’s view that SEIB will continue to grow profitably in Qatar while supporting its extremely strong capital adequacy," Farid Chedid, SEIB’s CEO, commented.
During the meeting, SEIB’s board discussed the ways to maintain its profitability and growth amid the current regional economic situation and global developments.
Board's chairman, Jabor Bin Jassim Al Thani, noted that the board helped the company to achieve a 20% average annual growth in gross written premiums over the past 3 years.
“In spite of the challenging economic conditions in the region and around the world, SEIB is well on track in terms of its financial figures, key performance indicators and its capacity to achieve future growth and expansion plans in line with Qatar’s National Vision 2030," Chedid added elaborating on the Company’s financial position.
