A.M. Best Downgrades Credit Ratings of Kenya Reinsurance Corporation Limited
The ratings reflect Kenya Re’s balance sheet strength, which
The rating actions are the result of A.M. Best’s concerns over the effectiveness of Kenya Re’s ERM in the face of expected business growth and increasingly sophisticated competition. Additionally, there are uncertainties related to the company’s ability to grow its capital resources at the same rate that it increases its revenue over the longer term.
Kenya Re’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), is consistent with a strongest assessment; however, offsetting balance sheet strength factors include uncertainties related to the company’s natural catastrophe exposure and the financial system risk associated with Kenya’s financial markets. Although
Kenya Re’s business profile benefits from a very strong market position in
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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