Al Sagr Cooperative Insurance Company announced on Tuesday 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.
The move comes after a recent meeting between Al Sagr and Fitch to discuss the temporary suspension of the company’s compulsory motor TPL insurance by the Insurance Authority.
Al Sagr clarified that the action by Fitch does not constitute a downgrade, but reflects the agency’s ongoing monitoring of the situation.
The company stated it has already taken corrective measures and is working closely with the Insurance Authority to lift the suspension as soon as possible. Fitch is expected to reassess the ratings within six months based on the latest developments.
