AM Best downgrades the ratings of Qatar Insurance Company and Antares Re

AM Best has revised the financial strength rating of Qatar Insurance Company (QIC) and its Bermuda-based subsidiary Antares Re downward from "A" (Excellent) to "A-" (Excellent). The rating agency also downgraded the long-term credit ratings of both companies from "a" to "a-". The outlook moved from stable to negative.

This decision came in the wake of a revision of AM Best's assessment of the Qatari group's operating performance from strong to adequate. During the 2017-2021 period, QIC's underwriting results were unprofitable with a five-year average combined ratio of 105%.

However, AM Best maintains a positive view on the company's strong balance sheet, neutral business profile, and appropriate enterprise risk management.