S&P reviews the rating of Kuwait Re

Standard & Poor's has upgraded Kuwait Re’s financial strength rating from stable to positive (BBB+). The reinsurer has achieved a turnover of 1501NBSP.million USD in 2013 and a profit before tax of 6.8 million USD. The rating agency anticipates slight growth in gross premiums in 2014. Return on investment (ROE) of the company should be higher than 5% for the years to come.

S&P believes that the profile of the portfolio is well diversified with good niches positioning in the Middle East, Africa and Asia. Nearly one third of business comes from cooperation agreements with Lloyd's syndicates and underwriting agencies in Europe and the Middle East.

AM Best assigns A- rating to the company for its financial strength.