Magazine date:
Apr 2011 S & P has confirmed the financial strength and long-term credit ratings of Hannover Re Takaful, Trust Re and Saudi National Insurance (SNIC) with stable outlook. These ratings are accounted for by the limited exposure of these companies to the local financial markets and by their ability to relocate their offices abroad without permanently disrupting their operations.
In contrast, the scores of local insurers Bahrain National Insurance (BNI), Bahrain Kuwait Insurance (BKIC), Takaful International, operating mainly in Bahrain, were placed under supervision with negative implications. This regression follows the deterioration of the kingdom’s short and long-term credit ratings on February 21, 2011.