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Abu Dhabi National Insurance Co. (PSC) Sep 11
Standard & Poors, Sep 2011
Abstract
Extremely strong capital adequacy. Strong competitive position. Strong operating performance. Strong liquidity. High reinsurance usage. Aggressive growth strategy. The ratings on United Arab Emirates-based insurer Abu Dhabi National Insurance Co. PSC (ADNIC) reflect its extremely strong capital adequacy, strong operating performance, strong liquidity, and strong competitive position. These strengths are in part offset by the high, but declining, use of reinsurance, and aggressive growth strategy. We consider capitalization to be strong. It is based on extremely strong risk-adjusted capital adequacy, partially offset by high reinsurance usage. We expect ADNIC to maintain its target of extremely strong capital adequacy with a high-quality, debt-free capital base. In our opinion, capital will continue to generously support the company's planned future operations. Volatility in...
Companies mentioned in this report are: Abu Dhabi National Insurance Co. (PSC)
Action: Review
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
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