AM Best: stable outlook for Suez Canal Insurance

AM Best has confirmed the “B-” (fair) financial strength and “bb-” long-term credit ratings of Suez Canal Insurance (SCI). The agency also upgraded the Egyptian insurer's national rating from “aa.EG” to “aa+.EG”.

The outlook on these ratings has been revised upwards from negative to stable.

The revised outlook reflects SCI's improved operating performance, thanks to a lower loss ratio and higher underwriting results over the past two years.

For its part, the rating recognizes the company's strong balance sheet, adequate operating performance, limited business profile and marginal enterprise risk management.