Investor Presentaiton
25
Financial Strength Rating
Reflecting Competitive Advantages and Solid Financial
Position
إعادة
Saudi Re
تصنيف
TASSNIEF
وكالة سمة SIMAH RATING
MOODY'S
The A3 IFSR of Saudi Re reflects its:
A3 Stable
(i) Strong brand and market position in Saudi Arabia as the
sole Saudi professional reinsurer as well as a growing
presence in its target markets of Asia, Africa and
Lloyd's,
(ii) Preferential position in Saudi market due to a right of
first refusal on a portion of premiums ceded by primary
carriers in the Saudi market,
(iii) Strong asset quality exemplified by its conservative
investment portfolio,
(iv) Good capital adequacy, both in terms of capital levels,
with gross underwriting leverage (GUL) of 2.1x and
relatively modest exposure to natural catastrophe risk,
and
(v) Strong financial flexibility with nonexistent leverage and
good access to capital markets in Saudi Arabia given its
listing on the Saudi stock exchange, and broad investor
base.
*Moody's report on Saudi Re dated Jul 28, 2020, > Link to the Announcement
AA+ Stable
According to Tassnief,, the rating of Saudi Re reflects its
strong brand strength, risk profile & competitive
advantage in the KSA market and incorporates the
strength of the business profile having a well-established
franchise in the key targeted markets that the company
operates in, as well as the improved level of
diversification for the international business. The rating
also incorporates the Company's leverage free balance
sheet, strong risk adjusted capitalization levels, healthy
liquidity buffers and improving underwriting
performance. The rating is also underpinned by Saudi Re's
strong corporate governance framework and sound risk
management practices. The report also noted improving
operating environment due to better pricing dynamics
(market hardening after a lengthy soft cycle) particularly
for loss making segments.
* Tassniefs report on Saudi Re dated 9 November 2020 > link to the Announcement
Public
www.saudi-re.comView entire presentation