Al Sagr Cooperative Insurance Co. Announces an update on Al Sagr Cooperative Insurance Company announces that Fitch Ratings has placed the Company’s Insurer Financial Strength (IFS) Rating of ‘BBB’ and National IFS Rating of ‘A+(sau)’ on Rating Watch Negative.
| Element List | Explanation |
|---|---|
| Previous Announcement | Al Sagr Cooperative Insurance Company announces that Fitch Ratings has placed the Company’s Insurer Financial Strength (IFS) Rating of ‘BBB’ and National IFS Rating of ‘A+(sau)’ on Rating Watch Negative. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2025-04-15 Corresponding to 1446-10-17 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | • Insurer Financial Strength (IFS) Rating affirmed at “BBB”
• National Long-Term Rating affirmed at “A+(sau)” • Both ratings removed from Rating Watch Negative (RWN) • Outlook on both ratings remains Negative This update follows Fitch’s review, which reflects the company’s progress in implementing effective corporate governance practices and continued compliance with applicable regulations and supervisory requirements. Fitch noted that the rating affirmation reflects Al Sagr’s strong capitalization despite its relatively small market share in the Saudi insurance sector. However, the negative outlook continues to reflect recent financial performance and residual risks related to the full resolution of governance-related matters. The company reiterates its commitment to strengthening governance frameworks, enhancing financial performance, and addressing all outstanding regulatory and operational concerns that could impact its future credit profile. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | None |
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