AM Best has affirmed Continental Reinsurance Plc Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of ‘bbb-‘ both with a stable outlook.
While commenting on the rating in a statement, group managing director Lawrence Nazare said: “We have successfully maintained our rating (B+, stable outlook) despite operating in a particularly challenging environment characterised by elevated levels of economic, political, and financial system risks in African markets. External factors, including high foreign exchange volatility and an increase in catastrophic events, have further impacted the environment.
“However, AM Best highlighted, as positive offsetting factors, our progress in capital management and improvements in the geographical diversification of our operations and assets. The rating agency expects us to continue aligning our growth with available capital and underwriting capabilities while further enhancing our operating performance.”
Continental Reinsurance Plc is a pan-African reinsurance company established in 1985, offering both life and non-life reinsurance services to over 50 countries across the continent.
AM Best is a global credit rating agency, news publisher, and data analytics provider specialising in the insurance industry.
