Standard & Poor’s international insurance rating service has reaffirmed the ‘BBB’ long-term counterparty credit and insurer financial strength ratings of African Reinsurance Corp. with a “stable outlook.”
S&P noted a good operating performance and its leading role in the difficult African insurance market as important factors. While the company has a small capital base, currently around $50 million, this is expected to grow to $100 million by 2003, “following investment by external investors.”
Africa Re remains in a strong position despite increasing competition, S&P indicated. It is “a major player in regional reinsurance, with a solid quota share participation in each African country.”
Premiums rose by 10 percent in 2000, while Africa’s Re’s loss ratio declined from 63.6 percent to 55.9 percent during the same period.
Was this article valuable?
Here are more articles you may enjoy.
How E-Deliveries Are Fueling More Crashes, Traffic, Pollution and Worker Injuries 
AIG to Pay Neal $2.7 Million to Cover Previous Firm’s Bonus 
Ex-Lloyd’s CEO Lost $17 Million AIG Job After Office Romance 
Death of Teenager on Carnival Cruise Ship Ruled a Homicide 
