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Chuks Udo Okonta
AM Best has affirmed Continental Reinsurance Plc, a leading pan-African reinsurance company’s 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, Lawrence Nazare, Group Managing Director, said, “We have successfully maintained our rating (B+, stable outlook) despite operating in a particularly challenging environment characterized 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.”
About Continental Reinsurance Plc
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. The company operates from six regional offices in Nigeria, Cameroon, Kenya, Côte d’Ivoire, Tunisia, and Botswana, with a vision to be the premier reinsurance services provider in Africa.
About AM Best
AM Best is a global credit rating agency, news publisher, and data analytics provider specializing in the insurance industry. Headquartered in the United States, AM Best’s ratings are recognized as a benchmark for assessing the financial strength and creditworthiness of insurance companies worldwide.
