Posted on May 24, 2016

Reflecting its strong capital base and steady growth, Seib Insurance and Reinsurance Company LLC (Seib), has been assigned S&P’s 'BBB' Global Scale and 'gcAA' Gulf Cooperation Council (GCC regional scale rating) with Stable Outlook, indicating the company’s adequate capacity to meet its financial commitments.

S&P statement also significantly noted:

  • “SEIB's capital adequacy is in excess of our 'AAA' requirements”
  • “The stable outlook reflects our view that SEIB will continue to grow profitably in Qatar while supporting its extremely strong capital adequacy.”

Commenting on the occasion, Mr. Farid Chedid, Chief Executive Officer of Seib Insurance and Reinsurance Company LLC, said: “The ‘investment-grade’ rating assigned to Seib by S&P is a testament to its sound capital base, growing operations and robust systems. It is also a reflection of confidence and trust that Seib has earned over the years. He added: “Seib prides itself on working proactively with customers to help them meet their insurance objectives and support their long-term growth and profitability. Such superior customer focus is what separates us from other insurers operating in the Qatari market.”

As a National Insurance Company authorised by the Qatar Financial Center Regulatory Authority, Seib made its way in Qatar through a team of remarkable capabilities, including a talented pool of insurance professionals and a world-class panel of reinsurers that have empowered the company to build profitable business partnerships and climb the ladder of achievements within a record period of time. In September 2014, Seib was named “Insurance Company of the Year” by the Arabian Business Award, an event that honours reputable names in the Gulf business community. Seib was chosen after a series of assessments by industry analysts, reaffirming the company’s position as a top player in the Qatari market.

One year later, the company was recognized for its forward thinking product and service development and market leadership, as it garnered the Insurance Innovation Award at the 2015 Qatar Enterprise Agility Awards. The esteemed award highlighted Seib’s sound investment in customer care as well as taking its products and services to the next level, while contributing to the economic growth and prosperity of Qatar. Seib’s strong capital base, seamless processes and rapid growth allowed the company to focus on offering customers across the Region, a wide range of corporate and retail insurance solutions that are tailored to meet specific and ever-changing risk exposures.

The company’s corporate insurance solutions include property and first party assets, engineering and construction, energy, marine, financial lines, casualty, motor fleet insurance, aviation hull and liability, travel, and group medical insurance solutions, while its retail insurance products and services include, motor, homeowners’, pleasure boats, personal accident, local and international medical, and travel insurance solutions. Seib also provides high net worth insurance services, which include VIP international medical plans; and insurance products for high valued motors, cars, homeowners, specie and fine arts, yachts, and private jets insurance. The company transacts both ‘conventional’ and ‘Takaful’ insurance and is a market leader in Health insurance.