S&P Global Ratings has reaffirmed its ‘A’ issuer credit and financial strength ratings on Qatar Insurance Co Q.S.P.C. (QIC) and its guaranteed subsidiaries, namely, Qatar Reinsurance Company Limited (Qatar Re based in Bermuda), QIC Europe Ltd, QLM Life & Medical Insurance W.L.L., and Kuwait Qatar Insurance Co. K.S.C.C. The report reaffirms the outlook of Qatar Insurance Company & its rated subsidiaries as Stable.
QIC Group benefits from ‘AAA’ level risk-based capital adequacy despite rapid growth and various acquisitions over recent years. The report stresses that QIC can maintain its ‘AAA’ level risk-based capital, and its strong business position.
The rating reflects the strength of QIC’s strong business and financial position, its well diversified business portfolio by geography and product, diversified investment portfolio and an excellent operating performance
Khalifa A Al Subaey, Group President and Chief Executive Officer of QIC Group, said: ‘We are encouraged by S & P’s affirmation of our strong financial strength rating. The rating agency recognizes the successful establishment of our global QIC footprint and its expected continued positive effect on our financial performance going forward. The Group continued to maintain its credit rating from Standard & Poor’s (S & P) Level A ‘
This press release relates to the Ratings Criteria published in S&P Global’s website www.spglobal.com/ratingsdirect.For further information, please visit S&P Global Ratings Criteria at www.standardandpoors.com.