AM best confirms the rating of QIC and its subsidiary Antares Re

AM Best has confirmed the “A-” (Excellent) financial strength and “a-” (Excellent) long-term credit ratings of Qatar Insurance Company (QIC) and its Bermudan subsidiary Antares Re. The outlook for both ratings remains stable.

This rating agency's decision is based on the Qatari group's strong balance sheet, adequate operating performance, neutral business profile and appropriate enterprise risk management.

After a difficult 2018-2022 period marked by rather disappointing and volatile underwriting results due to losses from natural catastrophes and other events such as the Covid-19 pandemic, QIC has managed to achieve balanced results in 2023.

In 2023, QIC's combined ratio and return on equity (ROE) stood at 100% and 10% respectively, compared with 107% and 4% over the 2018-2022 period.

Antares Re's rating reflects its strategic importance for its parent company QIC.