S&P affirms ‘A-’ rating on Tawuniya with stable outlook

Standard & Poor’s Ratings Services affirmed its “A-" rating on Riyadh-based insurer, The Company for Cooperative Insurance (Tawuniya) with a stable outlook, the rating agency said in a report. 

The outlook reflects the company’s strong financial position, which will allow it to undertake profitable activities in various segments. 

Tawuniya capital position is likely to see gradual improvement over the next two or three years.   

A decline in the insurer’s capital adequacy ratio or a downgrade of the sovereign ratings on Saudi Arabia may lead to downward pressure on the ratings, S&P added.