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AM Best upgrades QGIRC financial strength and issuer credit rating

January 26, 2014

AM Best Europe has upgraded the financial strength and the issuer credit rating of Qatar General Insurance and Reinsurance Company (QGIRC) to "A -" and "a-" respectively. AM Best said, " the rating upgrades reflect QGIRC's strong risk-adjusted capitalisation, sound track record of operating performance and enhanced risk management capabilities" Sheikh Nasser bin Ali bin Saud al-Thani , QGIRC chairman and managing director, said, "AM Best's announcement recognised QGIRC's solid operating performance and strong financial and business risk profile. Also, this assessment was driven in view of the company's extremely strong capital adequacy and the strength of its position in the GCC market in terms of quality of services provided to individuals and corporate clients. "The stable outlook reflects the company's financial and business risk profile, which will remain very strong over the coming years. We anticipate significant premium growth during 2014-2015, and we trust that our strong capital base will fully support this growth."

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Source: Gulf Times (Qatar)

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