Doha Bank is pleased to announce that its wholly owned subsidiary, Doha Bank Assurance Company LLC (DBAC), has been affirmed Counterparty Credit and Insurer Financial Strength Rating of BBB with a Stable Outlook, by Standard and Poor’s (S&P).
S & P‘s Outlook is based on strategic importance of DBAC and its successful relationship with Doha Bank. S & P also commented on DBAC’s strong capitalization and liquidity underpinned by strong risk-based capital adequacy and appropriate reinsurance cover.
DBAC is authorised by the Qatar Financial Centre Regulatory Authority (QFCRA) and is the first general insurance company promoted by a Qatari bank to be licensed by QFCRA.
Dr. R. Seetharaman, Doha Bank Group CEO said “We are very pleased that S&P continues to recognize the performance of Doha Bank Assurance Company and its unchanged rating constitutes an independent assessment and encouragement of our ongoing progress”. He further added, “DBAC is offering a broad range of traditional and specialised insurance products, built around our client’s unique needs and provided by professionals with deep expertise in their industries and local markets. DBAC will also focus on the development of its retail business in the period ahead. Established as a key element in the provision of enhanced financial services by Doha Bank Group to its customers, DBAC is an important component in the 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.”