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FINANCIAL NEWS
UAE’s EIC’s 2011 gross premiums to hit USD180m: S&P
30 Nov 2011
(MENAFN) Standard & Poor’s Ratings Services said that in 2011, Emirates Insurance’s Co. (EIC) gross premiums would be forecasted to hit USD180 million, reported Emirates 24/7.
S&P added that it confirmed EIC’s ‘BBB+’ long-term counterparty credit and insurer financial strength ratings, however, due to the firm’s request, the ratings were withdrawn.
On the other hand, the agency said that the ratings of EIC remained
restrained by the marginal quality of the investment portfolio and the firm’s modest operational scale.
It is worth noting that Emirates Insurance will source premiums mainly from one geographical market, according to S&P.
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