Standard and Poor's (S&P) accorded the Walaa Cooperative Insurance Company a credit rating of BBB+.
The outlook for the company was also upgraded from stable to positive, the company said in a statement.
The Standard & Poor's report said that the rating reflects Walaa’s strong capital position as well as its growth in volumes and profitability.
The company thanked the shareholders, employees and customers for their continued support in reaching this milestone. It is in addition to other achievements, including obtaining an ISO accreditation certificate (ISO 9001: 2015) for its quality management system.
Sulaiman Al-Qadi, Walaa Chairman, said that the company's quality management meets the international standards set by ISO. The ISO 9001: 2015 certification is internationally recognized.
He added that Walaa was keen to apply these standards to provide services as per international standards and make continued improvements. Accordingly, on December 20, 2017, the company received the certificate from the Intertek Group, the accreditation body.
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