Mubasher: Kuwait Reinsurance Company (KUWAITRE) on Monday announced that A.M. Best has affirmed the company’s financial strength rating at “A-" (Excellent), with 'Stable' outlook.
The recent rating highlights the robustness of Kuwait Reinsurance’s balance sheet, coupled with its adequate operating performance, neutral business profile and appropriate enterprise risk management, according to the company’s statement to Boursa Kuwait.
“The company’s balance sheet strength also benefits from prudent reserving practices and good levels of liquidity, as evidenced by a ratio of liquid assets to net technical reserves of 110% at the end of 2017,” the insurance company ratings firm said in a report.
Kuwait Reinsurance’s return on equity for 2017 stood at 6.9%, the report showed.
Moreover, the company’s profile is backed by good geographical diversification, with operations over the Middle East and North Africa, Asia-Pacific and Central and Eastern Europe.
For the full-year 2017, the Kuwaiti company worked on diversifying its activities through launching life reinsurance operations.
