Africa
AFRICA Specialty Risks, ASR, a reinsurance group operating across the African continent and the Middle East, has announced that Fitch Ratings has assigned a BBB+ Long-Term Insurance Financial Rating, IFS, with a positive outlook to ASR Re Limited, ASR Re.
This Fitch rating reflects ASR Re’s very strong capitalization and low debt, while the positive outlook reflects ASR Re’s improving business profile and franchise as it continues to grow its earnings and expand its business.
ASR Re Ltd Bermuda continues to be a key part of the ASR Group and its growth strategy, marking its progression into new countries in Africa and the Middle East with the ambition of filling the insurance gap in these two geographies.
Mikir Shah, CEO of ASR is optimistic and expressed his satisfaction with the announcement of this positive rating from Fitch, “a leading rating agency with a high reputation globally and on the African continent. The addition of a BBB+ rating with a positive outlook from Fitch, to our Baa1 rating issued by Moody’s, reinforces the credibility of our reliable credit profile in the market.
In addition, Fitch’s positive outlook on the rating also signals the evolution of our rating to A- in the near term. This rating is based on ASR Re’s very strong financial profile and performance. Obtaining this rating is an important milestone for ASR as it underlines our continued progress and commitment to excellence.”
Fitch is a global leader in credit ratings, research and risk analysis, with over 100 years of experience and coverage of over 20,000 entities and over 1,000 insurance companies worldwide. Fitch was the first international credit rating agency to operate in Africa and provides rating coverage to over 150 African companies. Cap Structure acts as rating advisor to ASR
Cap Structure acts as rating advisor to ASR
Distributed by African Media Agency (AMA) on behalf of Africa Specialty Risks (ASR)
A.I
Sept. 24, 2024
Tags: ASR Re Ltd Bermuda Mikir Shah
