This archive report was first published on 25 August 2020.
On August 25, 2020, Standard & Poor's (S&P) reaffirmed the African Reinsurance Corporation's (Africa Re) financial strength rating at A-, with a stable outlook.
Africa Re, a Pan-African reinsurer based in Lagos, Nigeria, has sufficient capital to absorb potential deterioration in its asset credit quality and limited exposure to COVID-19 related classes of business, according to S&P.
"The rating agency considered Africa Re's strong brand and reputation, with many cedants across Africa, as a key differentiator relative to other international and regional players on the continent," said Africa Re in a statement.
Established in 1976 by 36-member states of the African Union and the African Development Bank Group, Africa Re currently has 41 member states, including Kenya, and more than 100 African insurance/reinsurance companies from the 41-member countries.
Africa Re's Group Managing Director and Chief Executive Officer, Corneille Karekezi, had earlier warned that it may take months before the insurance industry can fully understand the impact of the COVID-19 pandemic on its business.
