Moody’s affirms Saudi Re’s rating at A3 with stable outlook

Moody’s affirms Saudi Re’s rating at A3 with stable outlook

- Growing presence in its target markets of Asia, Africa and Lloyd’s.

- Saudi Re has a broad investor base.

- Saudi Re has initiated increasing its capital by up to SAR 445.5 million ($119 million).

- Saudi Re is a leading reinsurance company in the MENA region.

Riyadh, Dubai: Saudi Reinsurance Company (Saudi Re) announced that Moody’s Investors Service, a global credit rating agency, has affirmed its A3 Insurance Financial Strength Rating (IFSR) and A1.sa national scale IFSR with a Stable Outlook.

In a statement to the Saudi Exchange (Tadawul), Saudi Re said that the ratings confirm its 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.

It further affirms Saudi Re’s preferential position in the Kingdom due to a right of first refusal on a portion of premiums ceded by primary carriers in the Saudi market, strong asset quality exemplified by its conservative investment portfolio, good capital adequacy in terms of capital levels and relatively modest exposure to natural catastrophe risk.

The ratings also reflect Saudi Re’s strong financial flexibility with non-existent leverage and good access to local capital markets, given its listing on the