S&P assigns ‘A-’ rating for Al Koot Insurance
DOHA: The Standard & Poor’s (S&P) has assigned a rating of ‘A-’ (stable) to Al Koot Insurance and Reinsurance Company.
Al Koot is the subsidiary of Gulf International Services (GIS), the largest service group in Qatar, with interests in a broad cross-section of industries, ranging from insurance, re-insurance, fund management, onshore and offshore drilling, accommodation barge, helicopter transportation, and catering services.
The company was assigned the rating, taking into account the company’s historical performance and the opportunities and challenges during its transition to an open market commercial insurance company.
And as one of the largest domestic Qatari insurers, Standard and Poor’s in assigning the rating, were of the view that Al Koot’s expertise and risk management capacity will see it keep a significant position in the developing local Qatari insurance market as it expands in 2016 and 2017.
It also coonsidered Al Koot’s stand-alone capability and its ability to maintain its leading domestic market status, and a strong capital and earning, supported by extremely strong capital adequacy, profitable underwriting, and an intermediate risk position.
The Peninsula
DUBAI: Saudi Telecom Co (STC) has offered to buy the shares in Sale Advanced Co it does not already own for SR400m ($106.6m), it said in a statement yesterday.
STC’s bid for the 40 percent stake held by Ethad Sale will be financed by the company’s own resources, it said, adding that the financial impact of the deal will be announced at a later stage.
STC already owns 60 percent of Riyadh-based SaleCo, which offers sales services through all distribution channel networks located in Saudi Arabia and the Gulf states, the statement added.
Reuters
