AM Best Upgrades Credit Ratings of Kuwait Reinsurance Company K.S.C.P.
The ratings reflect Kuwait Re's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
The rating upgrades reflect Kuwait Re's sustained improvement in operating performance in recent years, evidenced by a return-on-equity ratio that has increased steadily to 16.5% in 2024 from 9.5% in 2020. Earnings have been underpinned by robust underwriting profitability, which includes substantial reserving margins that provide a buffer against volatility. AM Best expects Kuwait Re's underwriting discipline and prudent risk selection to support its prospective operating metrics.
Kuwait Re's balance sheet strength is underpinned by its risk-adjusted capitalisation, which is assessed at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). The company's balance sheet strength is supported by a track record of internal capital generation, along with prudent reserving practices and good liquidity. A partially offsetting factor is Kuwait Re's holdings of higher-risk assets, with its real estate and equity portfolio equating to approximately 13% of total investments at year-end 2024, which exposes its capital base to potential volatility.
Kuwait Re's neutral business profile assessment reflects its diversification by geography and product offering. The company's operations span the Middle East, North Africa, Asia-Pacific and Central and Eastern Europe, where it provides proportional and non-proportional cover to its cedants. Kuwait Re reported insurance revenue of KWD 79.9 million (USD 260.1 million) in 2024, representing growth of 10% compared with 2023, driven in part by favourable reinsurance market conditions in its core markets.
This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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The dominance of the segment is attributed to the higher parcel volume shipped daily. This includes many premium and regular goods, which require primary and secondary packaging that enhances the requirement for more sustainable materials. The rise of companies like Amazon, Flipkart is gaining wider popularity for various products like electronics, apparel, cosmetics, and groceries. Application Insights The electronics and appliances segment accounted for the highest revenue share in 2024. The segment includes the shipment and delivery of items like phones, laptops, tablets, blenders, smart home devices, and many more, which require high protective packaging with multilayered and cushioned packaging. These products often use more materials due to the product size and requirements, making them more popular among consumers. Global brands like HP, Apple, Dell, and Samsung have also committed to the adoption of eco-friendly in the Market In May 2025, Ranpak partnered with Thalia to deploy automated sustainable packaging systems across 500 stores and e-commerce operations, helping the reduce the environmental impact. In February 2025, the Ministry of Industry and Trade, Vietnam, proposed a green e-commerce law to curb rising packaging waste, targeting 800,000 tons of plastic by 2030. Market Key Players The Better Packaging Co. Limited Plastic Suppliers, Inc. Berry Global Smurfit Kappa Group Calvin Klein Stora Enso LimeLoop EcoEnclose Elopak Sustainable E-Commerce Packaging Market Segments By Material Type Metal Paper and paperboard Bioplastics & compostable materials Plastic By E-Commerce Type B2C B2B By Application Fashion and apparel Electronics & appliances Books & stationery Beauty & personal care Food and beverage Pharmaceuticals Others By Region North America U.S. Canada Europe Germany UK France Italy Spain Sweden Denmark Norway Asia Pacific China Japan India South Korea Thailand Latin America Brazil Mexico Argentina Middle East and Africa (MEA) South Africa UAE Saudi Arabia Kuwait Invest in Premium Global Insights @ If you have any questions, please feel free to contact us at sales@ About Us Towards Packaging is a leading global consulting firm specializing in providing comprehensive and strategic research solutions. With a highly skilled and experienced consultant team, we offer a wide range of services designed to empower businesses with valuable insights and actionable recommendations. We stay abreast of the latest industry trends and emerging markets to provide our clients with an unrivalled understanding of their respective sectors. We adhere to rigorous research methodologies, combining primary and secondary research to ensure accuracy and reliability. Our data-driven approach and advanced analytics enable us to unearth actionable insights and make informed recommendations. We are committed to delivering excellence in all our endeavours. Our dedication to quality and continuous improvement has earned us the trust and loyalty of clients worldwide. 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