S&P rating for Doha Bank insurance arm
Doha Bank’s wholly owned subsidiary, Doha Bank Assurance Company LLC (DBAC), has been awarded Counterparty Credit & Insurer Financial Strength rating of BBB/Stable by Standard & Poor’s.
Doha Bank Group CEO R Seetharaman said: “We are very satisfied to receive this Investment Grade S & P Rating for Doha Bank Assurance Company. This rating by S&P represents another milestone for DBAC since it commenced business in December 2007 and constitutes an independent assessment and an encouragement to our ongoing progress.”
S&P’s Outlook on DBAC is based upon anticipated continuation of rapid growth and strong ratios. S&P also commented on DBAC’s strong capitalisation and liquidity underlined by a strong level of risk-based capital adequacy and appropriate reinsurance cover.
Established as a key element in the provision of enhanced financial services of Doha Bank Group to its customers, DBAC is an important component in Doha Bank Group’s ongoing efforts to continue to expand its range of services and to continue to grow and evolve as a one-stop shop for top quality financial services.
Seetharaman added: “Doha Bank Assurance Company is committed, as a professional organisation operating within world class standards, to continue to deliver consistently superior service quality to its clientele and offer an enhanced range of general insurance solutions and choices to the Qatar market.”
Doha Bank Assurance Company LLC is a fully owned subsidiary of Doha Bank, and operates general insurance business under the license issued by Qatar Financial Center Regulatory Authority (QFCRA).