DBAC is an important component in the Doha Bank Group’s ongoing efforts to expand its range of services and to evolve as a one–stop shop for top quality financial services
Doha Bank’s wholly owned subsidiary, Doha Bank Assurance Company (DBAC), has been affirmed counterparty credit and insurer financial strength rating of BBB with a stable outlook, by Standard & Poor’s.
S&P’s outlook on DBAC is based upon successful utilisation of its relationship with Doha Bank and continuation of its strong ratios. The rating agency also focused on DBAC’s strong capitalisation and liquidity, underpinned by a strong level of risk-based capital adequacy and appropriate reinsurance cover.
DBAC is licensed by the Qatar Financial Centre Regulatory Authority and is the first general insurance company promoted by a Qatari bank to be licensed by the QFCRA.
Doha Bank Group CEO R Seetharaman said, “We are very pleased that S&P continues to recognise the performance of Doha Bank Assurance Company. It constitutes an independent assessment of our ongoing progress, and the fact that our business is developing on track. DBAC’S focus is on 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.”
Established as a key element of the enhanced financial services of the Doha Bank Group to its customers, DBAC is an important component in the group’s ongoing efforts to expand its range of services and to evolve as a one–stop shop for top quality financial services, he said.