Riyadh – Mubasher: Saudi Re for Cooperative Reinsurance Company said that Simah Rating Agency (Tassnief) has maintained its insurance financial strength rating (IFSR) at ‘AA+’, with a stable outlook.
The rating captures Saudi Re’s strong brand strength, risk profile, and competitive advantage in the Saudi market, according to a bourse statement on Monday.
It further incorporates the strength of the business profile, having a well-established franchise in key targeted markets, coupled with an improved level of diversification for the international business.
In addition, it highlights the insurer’s leverage free balance sheet, strong risk-adjusted capitalisation levels, healthy liquidity buffers, and improving underwriting performance.
Tassnief's report further pointed to an improving operating environment due to better pricing dynamics, particularly for loss-making segments.
