RIYADH: Global credit rating agency Moody’s Investors Service has affirmed Saudi Reinsurance Co.’s rating at A3 on its Insurance Financial Strength Rating, with a stable outlook. The credit agency also affirmed Saudi Re’s A1.sa national scale IFSR with a stable outlook. This comes at a time when Saudi Re has undertaken a process to increase its capital to SR445.5 million ($119 million). In a statement to Saudi Exchange, Saudi Re said that the A3 rating confirms its strong brand and market position in Saudi Arabia. Moody’s has affirmed the A3 rating to Saudi Re for its “strong asset quality exemplified by its conservative investment portfolio, good capital adequacy in terms of capital levels and relatively modest exposure to natural catastrophe risk.” The rating is also the result of strong financial flexibility with non-existent leverage and good access to local capital markets, according to a press release. “The rating affirmation by Moody’s reflects Saudi Re’s solid financial position and reinforces the confidence in Saudi Re by its clients’ partners and shareholders,” said Fahad Al-Hesni, managing director and CEO of Saudi Re. He added: “As we embark on our Strategy toward 2026, maintaining the rating is expected to further strengthen Saudi Re"s competitive position and support its growth efforts in the domestic and international markets.”