S&P reconfirms Takaful Re's stable rating
Dubai, February 23, 2012
Standard & Poor's (S&P) has reconfirmed BBB 'Stable' long-term counter-party credit and insurer financial strength ratings to Takaful Re Limited (TRL), a Dubai International Financial Centre-based re-takaful operator.
Takaful Re is a subsidiary of Bahrain-based Arab Insurance Group.
According to S&P, the rating is based on Takaful Re's strong capitalisation, strong liquidity, and supportive shareholders, focused on fostering the development of the re-takaful industry.
S&P said the re-takaful company benefits from its good brand awareness, technical expertise, knowledge of the takaful markets, and high-quality service.
'Reaffirmation of rating by S&P is recognition to TRL's proven standing capabilities in the re-takaful sector, which will reinforce the company's dedication to offer Sharia-compliant reinsurance and related services to the growing takaful and Islamic insurance market,' Takaful Re chief executive Chakib Abouzaid said.
Tags: Bahrain | Rating | S&P | Takaful Re | Arab Insurance Group |
More Finance & Capital Market Stories
- IPIC to use $4bn pipeline payment to repay debt
- UAE sees big foreign capital inflow
- Gulf Capital to raise $360m partly for dividend
- Apicorp posts $109m profit in 2012
- Al Baraka summit to discuss financial trends
- Bahrain real GDP grows 3.9pc in 2012
- Deutsche Bank named top FX bank in Mideast
- Doha bourse breaks key 9,000 level
- UAE economic growth hits 4.4pc in 2012
- DFM firms achieve 100pc compliance
