Bahrain-based Saudi National Insurance Company (SNIC), has been awarded the longterm counterparty credit and insurer financial strength rating of BBB by Standard and Poor’s.

The outlook for this rating is stable, which reflects Standard and Poor’s expectation that SNIC will remain a solid and strategically important company in the regional insurance market.

SNIC was established in 1974 and licensed by the Central Bank of Bahrain as a Bahrain-registered Company in 2006 with a paid-up capital of BD10 million.

The company is a multi-line insurer, 72.5 per cent controlled by the Jeddah-based corporation E A Juffali and Brothers Company, 22.5 per cent by Munich Reinsurance Company, and 5 per cent by Zurich Financial Services.

“This rating reflects Standard and Poor’s opinion that SNIC’s competitive position has improved through the implementation of our new business model, which in our opinion will continue to develop satisfactorily throughout this year and beyond,” said SNIC general manager Khalid Al Shaikh.-TradeArabia News Service