AM Best has affirmed the financial strength rating of “B++” (Good) and the long-term issuer credit rating of “bbb” for Qatar General Insurance & Reinsurance Company (QGIRC). These ratings reflect the company’s robust balance sheet, satisfactory operational performance, modest business profile, and effective enterprise risk management. QGIRC’s strong balance sheet is supported by a substantial level of risk-adjusted capitalization.
However, despite these strengths, AM Best has maintained a negative outlook on QGIRC. The agency’s decision stems from ongoing concerns regarding the company’s risk management practices and internal controls.
This affirmation underscores QGIRC’s stable financial position while highlighting areas for improvement in risk oversight and internal governance.