Saudi Re maintains ‘AA+’ financial strength rating by SIMAH

Saudi Re for Cooperative Reinsurance Co. was assigned an “AA+” insurance financial strength rating (IFSR) by SIMAH's Credit Rating Agency (Tassnief), with stable outlook, the company said in a bourse statement on Tuesday.

The rating reflects the insurer’s strong financial profile supported by its strong capitalization, with solvency levels of the company well above the requirement.

“It also incorporates the strength of the business profile having a well-established franchise in the key targeted markets that the company operates in, as well as the improved level of diversification for the international business, and a well-diversified GPW mix among the major lines of business,” the statement added.

The rating also underlined Saudi RE’s strong governance framework, experienced management team, sound financial profile and investment strategy, which enhanced the company’s performance.