AM Best affirms East Africa Reinsurance Company's rating

AM best has confirmed East Africa Reinsurance Company's (EARe) "B" (fair) financial strength and "bb+" long-term credit ratings. The outlook remains stable.

The rating is reflective of the Kenyan reinsurer's strong balance sheet, adequate operating performance, limited business profile and marginal enterprise risk management.

AM Best's decision also takes into consideration EARe's exposure to economic, political and financial risks in Kenya.

Founded in 1993, the company operates in over 30 countries across Asia and Africa. In 2022, EARe recorded a turnover of 37 million USD.