Doha Insurance gets S&P’s rating upgrade
Doha Insurance Company chairman Sheikh Nawaf Nasser bin Khaled al-Thani has expressed his delight in S&P recently raising his company’s ratings.
“We are glad to announce that Standard & Poor’s Ratings Services (S&P) raised the insurer financial strength and counterparty credit ratings on Doha insurance Company to ‘A-’ from ‘BBB+’. The outlook remains stable,” Sheikh Nawaf said.
In its report, S&P stated, “The upgrade reflects our view that Doha Insurance’s financial risk profile has significantly and sustainably improved following the injection of QR437mn in April 2014.”
Doha Insurance CEO Bassam Hussein said, “We are very pleased with the ‘A-’rating. We believe this will further enhance our commitment to play a leading role within Qatar, the region and the Arab World.”
Qatar Stock Exchange-listed Doha Insurance has been engaged in the business of insurance and re-insurance since its registration and incorporation in Qatar under an Emiri Decree No 30 issued on October 2, 1999.
During 2006, Doha Insurance established an Islamic Takaful branch under the brand name ‘Doha Takaful’ to carry out insurance and reinsurance activities in accordance with Islamic Shariah principles on a non-usury basis in all areas of insurance.