Saudi Reinsurance Company "Saudi Re" Announces Maintaining A3 Insurance Financial Strength Rating (IFSR) By Moody’s
|Announcement Detail||Saudi Re is pleased to announce maintaining A3 Insurance Financial Strength Rating (IFSR) by Moody’s Investor Service, with stable outlook according to the credit opinion announced on 28 July 2020. |
The A3 IFSR of Saudi Re reflects its: (i) strong brand and market position in Saudi Arabia as the sole Saudi professional reinsurer as well as a growing presence in its target markets of Asia, Africa and Lloyd’s, (ii) strong asset quality exemplified by its conservative investment portfolio, (iv) good capital adequacy, both in terms of capital levels, and relatively modest exposure to natural catastrophe risk, and (v) strong financial flexibility with non-existent leverage and good access to capital markets in Saudi Arabia, and broad investor base.
The stable rating outlook reflects Moody’s expectation that Saudi Re will maintain its improved profitability whilst maintaining its strong assets quality, capital adequacy and adequate level of reserves.
Maintaining the rating is expected to further strengthen Saudi Re competitive position and support its growth efforts in the international markets.
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.