Riyadh – Mubasher: Moody's Investors has affirmed the insurance financial strength rating (IFSR) of Saudi Reinsurance Company (Saudi Re) at 'A3', with a stable outlook.
The rating reflects the company's strong market position as the only reinsurer in Saudi Arabia, in addition to its asset quality strength and continuous expansion in the target markets of Asia, Africa, and Lloyd’s in UK, according to a press release on Tuesday.
As for the stable outlook, Moody's expected that Saudi Re would continue enhancing its profitability, alongside maintaining strong assets quality, capital adequacy, and adequate level of reserves.
The Managing Director and CEO of Saudi Re, Fahad Al Hesni, said: "Maintaining the rating will support our business growth opportunities, as A3 Insurance Financial Strength Rating is one of the key indicators reflecting the financial viability of reinsurers, which influences clients’ decisions being a specialized, independent, and professional rating."
