Moody’s assigns Baa2 IFS rating to Boubyan Takaful
Moody’s Investors Service has today assigned a Baa2 insurance financial strength rating (IFSR) to Boubyan Takaful Insurance Company K.S.C. (Boubyan Takaful), based in Kuwait. The outlook is stable. Established in 2006, Boubyan Takaful is a mid-sized composite insurer in Kuwait and writes most lines of non-life insurance, health and life insurance. Boubyan Takaful is the main insurance subsidiary of Boubyan Bank K.S.C.P. (long-term deposit rating of Baa1 positive, BCA ba1) which currently has a 67% stake in the insurer. Boubyan Bank is itself 58% owned by National Bank of Kuwait S.A.K.P (long-term deposit rating of Aa3 negative, BCA a3).