S&P: Dubai Islamic Insurance stable

Standard & Poor's said it revised the outlook on Dubai Islamic Insurance and Reinsurance Co. to stable from negative and affirmed the BBB long-term counterparty credit.

The outlook revision reflects the company's resilience to the financial downturn over the past two years, S&P said.

The rating reflects the company's continued profitably growth, good underwriting earnings, competitive position in its home market, adequate liquidity and good underlying earnings, the agency said.

The rating also considers the volatile capital adequacy due to still aggressive asset allocation and high reliance on reinsurance, the agency said.

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