Kuwait Insurance board to discuss setting up new unit in Egypt

The board of Kuwait Insurance Company will meet on Sunday to discuss setting up a new subsidiary in Egypt.

Established in 1960, Kuwait Insurance was the first insurance company in Kuwait and the GCC.

The company enjoys a stable and strong financial foundation and maintains a leading position in the local and regional insurance market by providing reliable and innovative insurance products and services, according to its website.

In March, rating agency AM Best affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” of Kuwait Insurance Company, with a stable outlook. The ratings reflected the company’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile, and appropriate enterprise risk management.

Also in March, Moody’s Investors Service (“Moody’s”) has completed a periodic review of the ratings of Kuwait Insurance Company. It assessed its A3 insurance financial strength rating, which reflected the company’s (i) strong position in the domestic market with an established brand and a good reputation for service, (ii) its good capitalisation and (iii) its sustained strong underwriting profitability with the five year average combined ratio of 83.8 percent at YE 2019.