A leading pan-African reinsurance company, Continental Re, has been rated B+ for financial strength and long-term issuer credit rating of “bbb-“with a stable outlook.
The rating came from AM Best, a global credit rating agency specialising in the insurance industry. Headquartered in the United States, AM Best’s ratings are recognised as a benchmark for assessing insurance companies’ financial strength and creditworthiness worldwide.
Commenting on the rating in a statement made available to The PUNCH on Saturday, the Group Managing Director, Mr. 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 established in 1985 offers both life and non-life reinsurance services in over 50 countries across the continent.
