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 on DBAC is based upon successful utilisiation of its relationship with Doha Bank and continuation of its strong ratios. S & P also commented on DBAC’s strong capitalization and liquidity and – underpinned by a strong level of risk-based capital adequacy and appropriate Reinsurance cover.
DBAC is licensed by Qatar Financial Centre Regulatory Authority (QFCRA) and is the first general insurance company promoted by a Qatari bank to be licensed by QFCRA.
Mr. 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 rating remains unchanged constitutes an independent assessment of our ongoing progress, and the fact that our business is developing on track” He further added, “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 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”