|
|
 |
|
Viewing report
|
|
|
|
Saudi Re for Cooperative Reinsurance Co.
Standard & Poors, April 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
Strong capitalization relative to gross premium written. We expect balance-sheet factors (investments, liquidity, reserves, and capitalization) to remain strong in the long term. Competitive advantages as the only domestic reinsurer in the Kingdom of Saudi Arabia. Marginal operating performance due to relatively low, albeit increasing, premium volumes and high operating costs, while investment yields remain low and tax liabilities (zakat) are high. Economic and industry risks, with economic and geopolitical concerns compounded by softening reinsurance rates. The ratings on Saudi Arabia-based reinsurer Saudi Re for Cooperative Reinsurance Co. (Saudi Re) reflect its strong paid-up capitalization of Saudi Arabian riyal (SAR) 1 billion ($267 million) relative to low liabilities, its strong investments, liquidity, and reserves. Standard & Poor's Ratings Services expect...
Companies mentioned in this report are: Saudi Re for Cooperative Reinsurance Co.
Action: Review
|
|
|
|
