Saudi United Cooperative Insurance Co. (Walaa) has been assigned the financial strength rating of B++ (Good) and issuer credit rating of ‘bbb’ by AM Best Europe Rating Services Ltd.

The outlook for both the ratings is stable.

The ratings reflect the company’s adequate level of risk-adjusted capitalization, developing local business profile and improving operating performance.

Announcing these ratings, the company chairman Sulaiman Al-Kadi expressed his happiness and appreciation.

He also underlined Walaa’s commitment in understanding the growing risk-coverage requirements of its valuable clients and also offering high-quality insurance solutions at optimum cost.

The rating also assures the shareholders of the company the robustness of their ownership.

The shareholders can look forward to sustained growth and stability of their equity.

The company’s CEO Johnson Varughese said: “The company’s interactive rating reflects its ability to associate and identify itself within the growing insurance market in the Kingdom. With this rating, Walaa is now well prepared to expand its client network to include larger business groups and specialized industrial segment who are looking for a specialized insurer to address their risk-management needs. The company team is now looking forward to grow further and strengthen its financial and operating performance.”

The board members and the management team have expressed their gratitude to the business partners for their trust and association with the company, and look forward to expanding the relationship.