Riyadh – Mubasher: Saudi Re for Cooperative Reinsurance Company (Saudi Re) on Wednesday announced that Tassnief, the credit rating agency formed by the Saudi Credit Bureau's (SIMAH), has affirmed its insurance financial strength rating at “AA+” with a stable outlook.

The rating reflects the company’s robust financial profile supported by its strong equity base and debt-free capital structure, according to the firm’s statement to the Saudi Stock Exchange (Tadawul).

Moreover, the rating incorporates the strength of the business profile having a well-established franchise in the key-targeted markets that the company operates in, Saudi Re said. 

The rating agency based its rating on Saudi Re’s improved level of diversification for the international business, the foray into the Lloyd’s market and a well-diversified GPW mix among the major lines of business.

By the end of Tuesday’s session, Saudi Re’s stock levelled up 1.42% at SAR 7.13.