AM Best: positive outlooks for Kuwait Re

AM Best has affirmed Kuwait Re's financial strength rating of “A-” (Excellent) and long-term issuer credit rating of “a-” (Excellent). The outlooks have been revised upwards from stable to positive.

The rating reflects the company's strong balance sheet, adequate operating performance, neutral business profile and appropriate entreprise risk management.

The positive outlooks reflects the reinsurer's improved performance, demonstrated by a return on equity (ROE) of 14.4% in 2023 against 9.3% in 2019.

In 2023, Kuwait Re reported a turnover of 71.4 million KWD (233 million USD), up 23% over one year. This increase is partly due to favorable reinsurance market conditions.