Specialist African reinsurer awarded Credit Rating by AM Best
A pan-African focused reinsurance group been awarded a Financial Strength Rating of “B++” and a Long-Term Issuer Credit Rating of “bbb+” in its first year of business.
In a statement, the company said that the outlook of the rating is stable.
AM Best based the rating of Africa Speciality Risks Re (ASR Re) on the group’s consolidated balance sheet strength, which the agency assessed as very strong, as well as ASR’s adequate operating performance, limited business profile and appropriate enterprise risk management.
ASR Re provides reinsurance protection to its subsidiary Africa Specialty Risks Reinsurer (Mauritius), in addition to writing third-party reinsurance.
Mikir Shah (pictured), CEO at ASR, said: “Undergoing a rating process – particularly within the first year of business – is a stringent process, which we decided to pursue from the outset.
“Achieving this rating shows the value in our diligent approach to corporate governance, the quality of our risk management and drive for innovative solutions to solving insureds’ problems, such as the recent establishment of our parametric division.”
Shah added that the result bolsters the company’s “vision to unlock greater and more streamlined protections for African insureds” and enables the flow of “inward investment on the continent.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
