Al Koot Insurance Company Assigned "A-" Credit Rating by Standard and Poor's

Doha, December 27 (QNA) - Gulf International Services (GIS) announced the conclusion of a credit rating exercise conducted by Standard and Poor's for its subsidiary Al Koot Insurance and Reinsurance Company. According to GIS press release, The company was assigned a rating of "A-" (Stable), taking into account the company's historical performance and the opportunities and challenges during its transition to an open market commercial insurance company. And as one of the largest domestic Qatari insurers, Standard and Poor's in assigning the rating, were of the view that Al Koot's expertise and risk management capacity will see it keep a significant position in the developing local Qatari insurance market as it expands in 2016 and 2017. The rating assigned to Al Koot's stand-alone capability. Al Koot's capability to maintain its leading domestic market status, and a strong capital and earning, supported by extremely strong capital adequacy, profitable underwriting, and an intermediate risk position. The rationale behind the S&P's rating also reflected their view of Al Koot's satisfactory business risk profile in the Qatari market, which they expect it to maintain as the company moves further into the open market during 2016. The GIS is the largest service group in Qatar, with interests in a broad cross-section of industries, ranging from insurance, re-insurance, fund management, onshore and offshore drilling, accommodation barge, helicopter transportation, and catering services. (QNA)