Standard & Poor (S&P)'s Ratings Services has assigned its A-long-term counterparty credit and insurer financial strength ratings to the Qatar–based underwriter Qatar Insurance (QIC). The company’s outlook is stable.
"The ratings on QIC reflect the company's strong and established business position, proven management team and control structure, very strong capital adequacy, and very strong operating performance," said S&P's credit analyst Kevin Willis. "These factors are partially offset by the potential for adverse operational volatility and lack of geographical diversity in the classes of business QIC focuses on, its very high reliance on reinsurance protection, and the heavy local concentration of its investment portfolio."
QIC is a quoted company on the Doha Securities Market, and the Qatar government has retained a 12 percent stake in the company since its establishment in 1964. Major rating factors include QIC's strong business position, very strong capital, very strong historic operating performance, and proven management team.
S&P's expects QIC's overall financial and risk profiles to remain materially unchanged. The company is also expected to maintain its strong business position in Qatar, continue to expand its underwriting presence across the Gulf Cooperation Council (GCC) region and retain very strong capital adequacy. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
