AM Best affirms Ethio Re's rating

AM Best has affirmed the “B” (fair) Financial Strength rating and “bb” Long-Term Credit rating of Ethiopian Reinsurance S.C. (Ethio Re). The outlook for both ratings remains stable.

The ratings reflect Ethio Re’s strong balance sheet, adequate operating performance, limited business profile, and marginal enterprise risk management.

For the fiscal year ended June 2024, the company reported a combined ratio of 96.4% and a return on equity (ROE) of 17.1%.

Founded in 2016, Ethio Re is a composite reinsurer based in Ethiopia, serving both domestic and select African markets. In 2024, the company generated revenues of 38 million USD.