Logo ofAl Sagr Cooperative Insurance Co.
Fitch Ratings has placed Al Sagr Cooperative Insurance Co.’s Insurer Financial Strength Rating of BBB and National Insurer Financial Strength Rating of A+ (sau) on “Negative Watch”. 
For more news on listed companies
This rating reflects Fitch’s monitoring of the situation and does not constitute a downgrade, the company said in a statement.
The rating action followed a recent meeting between both entities to discuss the Insurance Authority’s (IA) suspension of motor third-party liability insurance policies (MTPL).
Al Sagr has already begun implementing the necessary corrective measures and is working closely with the IA to lift the temporary suspension as soon as possible.
Fitch is expected to reassess the situation within six months based on the progress made.
The IA decided to bar Al Sagr from selling the mandatory motor insurance product as of Feb. 19 for violating the supervisory and regulatory rules and the board of directors’ failure to adopt effective governance procedures, data compiled by Argaam showed.
Logo ofAl Sagr Cooperative Insurance Co.
Fitch Ratings has placed Al Sagr Cooperative Insurance Co.’s Insurer Financial Strength Rating of BBB and National Insurer Financial Strength Rating of A+ (sau) on “Negative Watch”.
For more news on listed companies
This rating reflects Fitch’s monitoring of the situation and does not constitute a downgrade, the company said in a statement.
The rating action followed a recent meeting between both entities to discuss the Insurance Authority’s (IA) suspension of motor third-party liability insurance policies (MTPL).
Al Sagr has already begun implementing the necessary corrective measures and is working closely with the IA to lift the temporary suspension as soon as possible.
Fitch is expected to reassess the situation within six months based on the progress made.
The IA decided to bar Al Sagr from selling the mandatory motor insurance product as of Feb. 19 for violating the supervisory and regulatory rules and the board of directors’ failure to adopt effective governance procedures, data compiled by Argaam showed.
