AM Best upgrades Kuwait Re's rating

AM Best has upgraded Kuwait Re's financial strength rating from “A-” to ‘A’ and long-term credit rating from “a-” to “a”.

The outlook has been revised from positive to stable.

The upgrade reflects the reinsurer’s consistent improvement in operating performance over recent years. Return on equity increased from 9.5% in 2020 to 16.5% in 2024.

The rating also recognizes the company's strong balance sheet, neutral business profile and appropriate enterprise risk management.

For the 2024 financial year, Kuwait Re reported a turnover of 79.9 million KWD (260.1 million USD), marking a 10% year-on-year increase.