QIC becomes top rated insurance firm in the region

December 02, 2012 - 12:47:29 am

DOHA: AM Best Europe Rating Services Ltd has assigned a financial strength rating of A (Excellent) and issuer credit ratings of “A” to Qatar Insurance Co SAQ (QIC) and its main subsidiaries: QIC International (QICI) and Q-Re.

With the A (excellent) rating from AM Best and the existing A (Stable) rating from S&P , QIC will be the only insurance company in the region to obtain two A ratings from the leading international rating agencies in the world.

QIC is the leading insurance company in the Arab world in terms of market capitalisation and profitability, with a dominant position in its domestic market across commercial and personal lines of business.

QIC currently operates in Dubai, Abu Dhabi, Oman, Kuwait, Malta and is in the process of further expanding its international operations to Zurich, Bermuda and London.

QIC Group President and CEO Khalifa Al Subaey said: “As a result of the group’s very strong capitalisation, strong liquidity, and strong competitive position supported by good financial flexibility, robust underwriting performance and strong business diversification, QIC were able to obtain “A (excellent)” rating from AM Best in addition to maintain the existing “A/ Stable” rating from Standard &Poor’s.”

The Peninsula