A.M. Best Affirms Credit Ratings of Compagnie Commune de Réassurance des Etats Membres de la Conférence Interafricaine des Marchés d’Assurances
The ratings reflect CICA Re’s balance sheet strength, which
CICA Re’s balance sheet strength is underpinned by risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio model, supported by low underwriting leverage and a comprehensive retrocession programme. Despite the decision in 2014 to increase the dividend pay-out ratio to up to 50% of post-tax profits per annum,
CICA Re has a track record of adequate operating profitability with a five-year (2012-2016) weighted average operating ratio of 86.9%, supported by good albeit volatile results from the non-life portfolio, and stable results from the smaller life portfolio. The company reported a net profit of CFAF 3.8 billion (
CICA Re maintains a good niche market position, benefiting from legal compulsory cessions in the CIMA region. The company also has a portfolio of open-market business, which accounted for over three quarters of total gross written premium (GWP) in 2016, originated from across
In line with other reinsurers in the region, CICA Re’s risk management framework is considered in an early stage of development, constraining the ERM assessment.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
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