Bermuda-based ASR Re gets rating

Bermuda-based ASR Re, a reinsurance subsidiary of Africa Specialty Risks, has been assigned a BBB+ long term insurer financial strength rating with a positive outlook. 

Africa Specialty Risks is a pan-African and Middle East focused re/insurance group within which ASR Re plays a key part of its growth strategy, as it looks to expand into new territories while maintaining its ambition of filling the insurance gap across Africa and the Middle East, ratings agency Fitch said.   

Fitch said the rating reflected ASR Re’s very strong capitalisation and low leverage. The positive outlook reflects ASR Re’s improving franchise and business profile as it continues to grow business volumes and earnings.

Mikir Shah, CEO of ASR, commented: “We are extremely pleased to add a rating from Fitch which is a tier one rating agency that is highly regarded globally and across the African continent. The addition of a BBB+ rating with a positive outlook from Fitch to our Moody’s Baa1 rating enhances the credibility of our conservative credit profile in the market. Fitch’s positive outlook on the rating also signals the trajectory of our rating towards A- rating in the near term.

“The rating is based on ASR Re’s very strong financial profile and performance. Achieving this milestone is a significant step for ASR, as it highlights our continued progress and commitment to excellence.”

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