S&P lifts Doha Bank Assurance

Standard & Poor’s said it raised the long-term counterparty credit and insurer financial strength ratings on Doha Bank Assurance Co. to BBB+ from BBB.

The outlook is stable.

The upgrade reflects the bank’s progress in improving its risk-management framework, S&P said.

The company’s risk management has improved as it successfully embedded sufficient underwriting controls, the agency said.

Historical control failings, which led to excessive risk exposures and underwriting losses outside of the approved risk appetite, also were resolved, S&P said.

The bank’s business risk profile is considered fair, constrained by its modest size and market share within the Qatari market, the agency said.

Although the company benefits from its parent, Doha Bank, the company could further develop this relationship, S&P added.

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