AM Best upgrades Arab Re's outlook

AM Best has confirmed Arab Reinsurance Company SAL's (Arab Re) financial strength rating of "B-" (fair) and long-term credit rating of "bb-" (fair). The outlook has been changed from negative to stable.

The rating reflects the Lebanese reinsurer's strong balance sheet, adequate operating performance, limited business profile and marginal enterprise risk management.

The upward revision of the outlook is based on AM Best's expectation that Arab Re's rating fundamentals will remain resilient despite the ongoing challenging economic and political conditions in Lebanon.

Arab Re plays an important role in the MENA reinsurance market. The reinsurer has established solid and long-standing relationships with its cedants.