Magazine date:
Mar 2011 Saudi National Insurance Company (SNIC), an insurance company based in Bahrain, has obtained from Standard & Poor's a BBB rating with stable outlook. This distinction reflects the sound financial strength of the company which stands as a strategic player in the market. SNIC was established in 1974 in Saudi Arabia. It obtained license to operate in Bahrain in 2006. Its paid-up capital amounts to 10 million BHD (26.4 million USD). The company is controlled at 72.5% by the Saudi group Juffali and Brothers, at 22.5% by Munich Re and at 5% by Zurich Financial Services.