S&P boosts Qatar Insurance

Standard & Poor's said it raised its long-term counterparty credit and insurer financial strength ratings on Qatar Insurance Co. SAQ (QIC) to A from A-.

The outlook is stable.

S&P noted the upgrade is driven by QIC's continuing dominance of the local market, as well as its growing presence across the Gulf Cooperation Council region and the resultant earnings potential for the company.

The ratings on QIC reflect the company's extremely strong capital adequacy, strong and established competitive position and very strong operating performance, S&P said, noting these factors are partially offset by the potential for adverse operational volatility, QIC's very high reliance on reinsurance protection in certain lines of business and the heavy local concentration of its investment portfolio.

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