AM Best Affirms Credit Ratings of Continental Reinsurance Plc
AM Best Affirms Credit Ratings of Continental Reinsurance Plc
AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of bbb- of Continental Reinsurance Plc (CRe) (Nigeria), the operating holding company of the Continental Re group of companies.
The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect CRes balance sheet strength, which AM Best categorises as very strong, as well as its adequate operating performance, neutral business profile and marginal enterprise risk management.
CRes balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Bests Capital Adequacy Ratio (BCAR). CRe benefits from a supportive investor base, which has subscribed new capital to fund growth and meet increasing regulatory capital requirements over recent years. CRe has significant exposure to the high levels of economic, political and financial system risk that are associated with operating mainly within the African region.