S&P lifts Tawuniya Insurance to A-

S&P said it raised its long-term issuer credit and insurer financial strength ratings on the Company for Cooperative Insurance (Tawuniya) to A- from BBB+.

The outlook is stable.

At the same time, the agency revised up its Gulf Cooperation Council regional scale financial strength rating on Tawuniya to gcAAA from gcAA+.

“The Company for Cooperative Insurance (Tawuniya) has built a track record of strong operating performance over the past three years, following material underwriting losses in 2017 and 2018, maintaining its strong competitive position in the Saudi market,” S&P said in a news release.

“Tawuniya has also continued to expand its capital base and strengthen its capital buffer at the BBB level, according to our model.”

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