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Al Wathba Insurance rated 'BBB+', Outlook Stable

Al Wathba Insurance rated 'BBB+', Outlook Stable
AWNIC
AWNIC
13.04% 5.20 0.60
Insert TextS&P has assigned its 'BBB+' long-term counterparty credit and financial strength ratings to insurer Al Wathba National Insurance Co., according to S&P website.
The ratings reflect the agency’s opinion of the company's satisfactory business risk profile and moderately strong financial risk profile.
Al Wathba has a moderate risk position, mainly due to significant investments in high-risk assets such as equities and real estate.
The company's satisfactory business risk profile shows S&P’s view of AWNIC's adequate competitive position in the United Arab Emirates.
It is a midsize insurer and is the ninth-largest player in the market in terms of 2013 premiums written.
The stable outlook indicates S&P’s view that AWNIC's capital and earnings will remain strong over the outlook horizon, supported by extremely strong capital adequacy. It also exhibits S&P’s view that the company's competitive position will remain at least adequate.
Photo Credit: Arabianeye-Reuters