ICEC

Suez Canal Insurance to start rating request talks with A.M. Best next month

Egyptian composite insurer Suez Canal Insurance (SCI) will start talks with the rating agency A.M. Best next September to request a new credit rating.

The talks will tackle the recent measures adopted by Suez Canal Insurance including restructuring process and adding a new department for risks, SCI vice chairman and managing director Mohamed Abdullah told Amwal Al Ghad on Wednesday.

SCI is expected to have its new credit rating at the end of the current year, Abdullah added.

“I expect the company would receive a high rating due to the country’s current economic and political stability, which in return has positively affecte all the economic sectors, and the insurance is foremost among any others.” he said.

The expected high ratings will also factor in the company’s solvency and proven financial strength, Abdullah asserted.

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