Gulf insurance Group stays in the lead in financial ratings

KUWAIT: Gulf Insurance Group (gig), the leading insurance service provider in Kuwait and MENA region, announced that Moody’s Investors Service agency has affirmed the insurance financial strength rating of A3 with a stable outlook for the Kuwaitbased group with operations across the Middle East and North Africa (MENA).

Moody’s agency revealed gig’s insurance financial strengths rating reflects the group’s strong and leading position in its target markets with a qualified market share in the region, well-established brand recognition, strong and consistent profitability, good capitalization and strong management which has implemented prudent and sophisticated risk management measures.

Factors that lead to an upgrade of the group’s rating are significant improvements in the sovereign ratings and economic environments of its non-Kuwaiti subsidiaries in addition to improvements in assets quality. The group has established a strong brand across the MENA region and ranks among the top 10 MENA insurance groups. The stable outlook on gig reflects Moody’s expectation that the group will maintain its solid market position and brand in its key markets while maintaining good capitalization and delivering strong results.

Khaled M Al Sanousi, Group Senior Manager said: “We are proud to remain recognized for our accomplishments in the region and by Moody’s Investors Service. The Group’s wellestablished and comprehensive Enterprise Risk Management Framework with appropriate tools and techniques helps to identify, measure and manage risks on a Group level. We are the first insurance company in Kuwait to be triple- rated from international credit rating agencies. In addition to Moody’s, we are also rated at A level by Standard & Poor’s and A.M.BEST. The presence of a strong and unified ‘gig’ brand across the companies we operate in helps us provide world class offerings and excellence in our industry.”