DOHA: A M Best Europe has upgraded the financial strength and the issuer credit rating of Qatar General Insurance and Reinsurance Company (QGIRC) to “A-” and “a-” respectively.
In the announcement, A M Best indicated “ the rating upgrades reflect QGIRC’ s strong risk-adjusted capitalisation, sound track record of operating performance and enhanced risk management capabilities”.
“A M Best announcement came today to recognise QGIRC’s solid operating performance and strong financial and business risk profile. Also, this assessment was driven in view of the company’s extremely strong capital adequacy and the strength of its position in the GCC market in terms of quality of services provided to individuals and corporate clients”, commented Sheikh Nasser bin Ali bin Saud Al Thani (pictured), Chairman & Managing Director, QGIRC.
“The stable outlook underlines that the company’s financial and business risk profile will remain very strong over the coming years. We anticipate significant premium growth during 2014-2015, and we trust that our strong capital base will fully support this growth”, he added.