‎Saudi Re says Moody’s reaffirms A3 rating financial strength rating with stable outlook

‎Saudi Re says Moody’s reaffirms A3 rating financial strength rating with stable outlook

Logo of Saudi Reinsurance Co. (Saudi Re) 

Saudi Reinsurance Co. (Saudi Re) said that Moody’s Investor Service, in a report issued on Oct. 2, reaffirmed its A3 Insurance Financial Strength Rating (IFSR) and A1.sa national scale IFSR with a “Stable” outlook.

In a statement to Tadawul, Saudi Re said that the ratings confirm its strong brand and market position in Saudi Arabia as the sole reinsurer, as well as a growing presence in its target markets of Asia, Africa, and Lloyd’s.

It also reflects Saudi Re’s preferential position in the Saudi market, backed by its right of first refusal on a portion of premiums ceded by primary carriers, along with the company’s strong asset quality evidenced by its conservative investment portfolio.

The rating also implies the company’s good capital adequacy in terms of capital levels, and relatively modest exposure to natural catastrophe risk; the strong financial resilience with non-existent leverage and good access to capital markets in Saudi Arabia given its listing on the Saudi Exchange, in addition to broad investor base.

The report confirmed that Saudi Re achieved healthy diversification across products and regions.

The company’s investment strategy is relatively conservative, with high liquidity and moderate exposure to high asset risks.

It has a solid capital