S&P confirms Saudi Re’s rating

Standard & Poor’s (S&P) has confirmed Saudi Re’s BBB+ rating with stable outlook. The agency deemed that the reinsurer’s capitalization is one of the soundest of all reinsurers in the MENA zone. This asset is likely to enable Saudi Re to gain market shares in Saudi Arabia and the Gulf States. Saudi Re is the first reinsurer to have obtained license in Saudi Arabia in 2008. Dotted with a capital of 267 million USD, the company operates in more than 20 countries in Asia, Middle East and Africa.