News Column

SNIC rating reaffirmed

July 8, 2014

MANAMA: Standard and Poor's (S&P) has reaffirmed Saudi National Insurance Company's (SNIC) rating of BBB Stable outlook for the fourth consecutive year.

The ratings agency said factors that derived as an anchor to SNIC rating is their fair business risk profile and strong financial risk profile.

An additional support is the commitment and strong support of SNIC shareholders - E A Juffali & Brothers, Munich Re and Zurich Insurance Company - which reflects their good market insights, investment strategies and sophisticated technical support in underwriting, product design and asset management.

This is purely reflected in the SNIC book of good quality business and the technical expertise that is supplemented by the input of Munich Re as a shareholder, the company said.

"SNIC is proud to be one of the very few local insurance companies to be rated by Standard and Poor's," general manager Khalid Al Shaikh said.

This was despite the company's relatively new operation in Bahrain since 2007 and standalone existence in 2011 following the Saudi operation spinoff in 2010, he said.

"The consecutive affirmation of our rating reflects our solidity and stability in the market despite the soft market and challenges which will continue to support our future goals and target in the financial and industrial sector.

"Such a rating by S&P will also assist us in regional expansion and diversification of our business activities," Mr Al Shaikh added.

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Source: Gulf Daily News (Bahrain)

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