Standard & Poor's (S&P) reaffirmed Bahrain-based Saudi National Insurance Company (SNIC) with the long-term counter-party credit and insurer financial strength rating of BBB.

The outlook for this rating is stable, which reflects Standard & Poor's expectation that SNIC will remain a solid and strategically important company in the regional insurance market due to its strategic commitment and support from their shareholders and smart investment strategies.

"This rating reflects Standard & Poor's opinion that SNIC's competitive position has improved through the implementation of the new business model, which in our opinion will continue to develop satisfactorily throughout 2012 and beyond," said SNIC general manager Khalid Al Shaikh.

"Furthermore, this rating is a testament to SNIC's stability during the year due to our financial flexibility, profitable underwriting and the continuing regional expansion and diversification of our client base. Our aim is to continue providing our customers and brokers with our unique services and maintain our solidity in the market.

"Despite the challenging year and all its obstacles, we achieved a substantial growth in the Bahrain operation during the three quarters under employee benefits, motor and marine hull lines of business which has impacted positively in our net profit. This recognition of stability and solidity by Standard & Poor's will really support our future goals and target in the financial and industrial sector,” Al Shaikh concluded. – TradeArabia News Service