Riyadh – Mubasher: Moody’s Investor Services has maintained Saudi Re for Cooperative Reinsurance Company’s (Saudi Re) Insurance Financial Strength Rating (IFSR) at “A3” with a stable outlook.

The rating reflects the company’s strong brand and market position in Saudi Arabia as the sole Saudi professional reinsurer, Saudi Re said in a statement to the Saudi Stock Exchange (Tadawul) on Monday, citing Moody’s. 

It also shows the growing presence in Saudi Re’s target markets of Asia, Africa, and Lloyd’s, in addition to the preferential position in Saudi market due to a right of first refusal on a portion of premiums ceded by primary carriers in the Saudi market.

“The stable rating outlook reflects Moody’s expectation that Saudi Re will maintain its recent improvements in profitability whilst maintaining its strong assets quality, capital adequacy and adequate level of reserves,” the statement highlighted.

The Saudi insurer noted that having a fixed rating is expected to strengthen its competitive position and support its growth efforts in the international markets.