On 17th December 2015, international credit rating agency Standard & Poor’s (S&P) has assigned a rating of ‘A-’ (stable) to Al Koot Insurance and Reinsurance Company (Al Koot). The company was assigned the rating, taking into account the company’s historical performance and the opportunities and challenges during its transition to an open market commercial insurance company.
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 stable outlook reflects our view that Al Koot will maintain its leading domestic market status, and that capital and earnings will remain strong, supported by extremely strong capital adequacy, profitable underwriting, and an intermediate risk position, S&P said.
Al Koot is the subsidiary of Gulf International Services (GIS), 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.