S&P affirms Doha Bank Assurance rating with stable outlook

Doha Bank has announced that its wholly-owned subsidiary, Doha Bank Assurance Company (DBAC) has been affirmed a counterparty credit and insurer financial strength rating of BBB with a stable outlook by global rating agency Standard & Poor’s. S&P’s outlook is based on the strategic importance of DBAC and its successful relationship with Doha Bank. S&P has also commented on DBAC’s strong capitalisation and liquidity, underpinned by strong risk-based capital adequacy and appropriate reinsurance cover, a bank statement said. DBAC is authorised 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 Dr R Seetharaman said, “We are very pleased that S&P continues to recognise the performance of Doha Bank Assurance Company and its unchanged rating constitutes an independent assessment and encouragement of our ongoing progress. DBAC is offering a broad range of traditional and specialised insurance products, built around our clients’ 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.”