By Favour Nnabugwu
AM Best affirms Africa Re’s financial strength rating of “A” (Excellent) and the long term issuer credit rating of “a” (Excellent), both with stable outlook.
According to the rating agency, the company enjoys a very strong balance sheet, supported by a high level of risk-adjusted capitalization. The pan-African reinsurer continues to report a good operating performance despite a difficult economic, political and financial environment.
Africa Re’s appropriate enterprise risk management and its favorable business are also key indicators of the rating.
AM Best expects the group to maintain its position as a leading regional player in Africa and to continue improving its underwriting performance