Standard & Poor's (S&P) said it has revised its outlook on The Company for Cooperative Insurance (NCCI) based in Saudi Arabia to positive from stable.
At the same time, S&P affirmed its 'A-' long-term counterparty credit and insurer financial strength ratings on the company.
S&P credit analyst Kevin Willis said: "The outlook revision reflects NCCI's continuing dominance of the local market and resultant earnings potential. Furthermore, quality of management at all levels is a distinctly positive rating factor."
The ratings reflect NCCI's positive management, very strong competitive position, capitalisation and liquidity, as well as the potential for growth in the Saudi insurance marketplace. These positive factors are offset by NCCI's heavy exposure to equity investments and potentially volatile operating performance.
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