Standard & Poor's has reaffirmed Saudi National Insurance Company's (SNIC) long-term counter-party credit and insurer financial strength rating of BBB with a stable outlook, reflecting the company's strong capitalisation and conservative investment strategies, said a report.

SNIC benefits from the strong commitment and support of their shareholders including E Juffali & Brothers, Munich Re and Zurich Insurance Services Middle East.

"The rating reflects S&P's opinion that SNIC's improvement as a company speaks from its diversified book of primary business and expansion towards achieving the strategic objectives for generating additional business and enhancing the company's business position," the general manager Khalid Al Shaikh was quoted as saying in the Gulf Daily News, our sister publication.

"SNIC's ongoing strategy is to further develop the SME and retail segment in Bahrain through various outlets and online solutions."

"This recognition of stability and solidity by Standard & Poor's will really support our future goals of venturing into new markets and targeting financial and industrial sectors," stated Al Shaikh.

"This also reflects that SNIC's business model will develop satisfactorily over the next two years with the continuous support from our shareholders in activities where they have relevant expertise, market information and sophisticated technical support with underwriting and product design," he added.-TradeArabia News Service