S&P Global assigns ‘A-‘ rating to Saudi Re with a stable outlook

S&P Global assigns ‘A-‘ rating to Saudi Re with a stable outlook

- Company maintains capital adequacy above the 'AAA' level in S&P’s model.

- Planned capital increase issue in early 2023 will support Saudi Re’s growth plans.

- Saudi Re specializes in treaty, facultative reinsurance in engineering, property, marine, liability, motor, life and health.

Riyadh: Tadawul-listed Saudi Reinsurance Company (Saudi Re) announced obtaining 'A-' long-term issuer credit and insurer financial strength rating and 'gcAAA' regional scale rating from S&P Global Ratings, with a stable outlook.

S&P highlighted that Saudi Re has continued to strengthen its competitive position via profitable business growth and diversification in recent years, thanks to local and international expansion. In its report published on 16 December 2022, S&P mentioned that Saudi Re's exposure to catastrophe and other large risks is relatively modest and the company maintains capital adequacy above the 'AAA' level in S&P’s model.

According to S&P, the planned capital increase through a rights issue in early 2023 will further support Saudi Re’s growth plans, and that stable outlook reflects that Saudi Re will maintain excellent capital adequacy and continue to profitably expand and diversify its business over the next two years.

Furthermore, S&P views the governance practices at Saudi Re as effective and appropriate, and also regards the consistency in strategy and