The Financial Strength Rating of the African Reinsurance Corporation (Africa Re) has been re-affirmed at A (Excellent) and the long-term issuer credit at “a” all with a Stable Outlook by AM Best.
The rating agency categorises Africa Re’s balance sheet as strongest, as well as a strong operating performance despite these unprecedented and challenging times marked by the devastating effect of the Covid 19 pandemic on the global business environment.
Africa Re’s appropriate enterprise risk management and its favorable business profile are key indicators of its readiness to run its operations efficiently in a complex business environment.
As emphasized by AM Best, Africa Re has privileged market access and good brand recognition in its operating regions in Africa, providing the company with a solid long-term growth prospect as Africa’s insurance markets continue to develop.
Read also: Court slaps three year jail term on ex-Finbank MD over N18bn theft
Corneille Karekezi, group managing director/CEO of Africa Re, commenting on the rating re-affirmation by AM Best said: “lt always feels good to receive this kind of news, especially in these ever challenging times marked by the Covid-19 global pandemic.
This is a reward for the entire Africa Re staff that spares no effort in realising the vision of the founding fathers. We shall continue the work in order to maintain the trust of our stakeholders.
Established in 1976 by 36 member States of the African Union and the African Development Bank Group (AfDB), Africa Re, is the leading reinsurance company in Africa and the Middle East. The corporation is a pan-African financial institution whose shareholding is split between African shareholders (75 percent) and non-African investors (25 percent). African shareholding currently comprises 41 African states, the AfDB and 114 African insurance and reinsurance companies from the 41 member countries. Headquartered in Lagos (Nigeria), Africa Re has a continental network of regional and local offices in Lagos (Nigeria), Casablanca (Morocco), Nairobi (Kenya), Abidjan (Côte d’Ivoire), Ebene (Mauritius), Cairo (Egypt) and Addis Ababa (Ethiopia).as the corporation also has two subsidiaries namely: Africa Re (South Africa) Ltd in Johannesburg and Africa Retakaful Ltd in Cairo (Egypt).
