AM Best revises Africa Re’s outlook upwards

AM Best revised Africa Re’s outlook for the financial strength rating from stable to positive. (A- Excellent).

The rating agency explains the upward revision of outlook by the reinsurer’s excellent level of capitalization and improving results. In 2013, Africa Re posted a turnover of 670.46 million USD, a net profit of 84.8 million USD and a combined ratio of 92.6%.

Based in Lagos, Nigeria, Africa Re has six regional offices: Casablanca (Morocco), Nairobi (Kenya), Abidjan (Côte d'Ivoire), Ebony (Mauritius), Cairo (Egypt) and Lagos (Nigeria) and two subsidiaries: Africa Re South Africa (Johannesburg) and African Takaful Reinsurance Company (Cairo).