S&P Global Ratings upgraded the credit rating for The Company for Cooperative Insurance (Tawuniya) from (A-) to (A), with Stable outlook. The improvement in Tawuniya's capital adequacy under the new criteria is primarily due to lower liability risk charges, and to some extent, higher total adjusted capital. The benefits of risk diversification, which we capture more explicitly in our analysis, support capital adequacy and offset the higher asset risk charges. S&P therefore considers Tawuniya's capital and earnings as very strong under the new criteria

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