AM Best Affirms Credit Ratings of ASR Re Limited
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of
The ratings reflect ASR Re’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
ASR Re is a wholly owned subsidiary of
AM Best expects ASR Re’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), to be maintained at the strongest level over the medium term, taking into account AM Best’s additional capital requirements for new company formations. An offsetting factor in the balance sheet strength assessment is the small absolute size, by international standards, of ASR Re’s capital and surplus. However, this is offset partly by its relatively small net line size and the good credit quality of its retrocession panel. In addition, ASR Re is exposed to the high levels of economic, political and financial system risks that are associated with operating in the African specialty reinsurance market, although this is mitigated partially by good geographic diversification.
The adequate operating performance assessment considers ASR Re’s results in 2021 and projected performance per its business plan, taking into account the competitive environment and heightened execution risk during its start-up phase.
ASR Re is a
This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in
Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Source: AM Best
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