AM Best Affirms Credit Ratings of Kuwait Insurance Company S.A.K.P.
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of a- of Kuwait Insurance Company S.A.K.P. (KIC) (Kuwait). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect KIC s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
KIC s balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best s Capital Adequacy Ratio (BCAR). Further support to the balance sheet strength assessment stems from KIC s consistent internal capital generation and prudent reserving. Offsetting factors include KIC s high dependence on reinsurance, although the associated counterparty risk is partially mitigated by the use of a reinsurance panel of strong credit quality. In addition,
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