AM Best Affirms Credit Ratings of Kuwait Reinsurance Company K.S.C.P.
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Kuwait Reinsurance Company K.S.C.P. (Kuwait Re) (
The ratings reflect Kuwait Re’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
Kuwait Re’s balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s balance sheet strength is supported by a track record of internal capital generation, along with prudent reserving practices and sufficient liquidity to support operations. The company’s capital consumption in the BCAR model is predominantly driven by underwriting risk, due to its high premium retention. While Kuwait Re’s risk-adjusted capitalisation has remained at the strongest level, its BCAR scores deteriorated over 2021, following strong underwriting growth.
Kuwait Re reported balanced earnings in 2021, with pre-tax profits of
Kuwait Re’s business profile assessment reflects its good diversification by geography and product offering. Operations span the
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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Source: AM Best
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