August
12, 2008:
Africa Reinsurance Corporation profits rose
37 per cent last year, thanks to new business and better marketing by
the firm.
The pan African reinsurer, with six per cent of its business coming from
countries outside Africa and which is a potential competitor to the
listed Kenya Re, is expected to continue business growth according to
two rating agencies.
Africa
Re centre/ Courtesy
Last month, Standard & Poor’s Ratings Services revised its outlook on
Africa Re to “positive” from “stable” reflecting the company’s improved
enterprise risk management to adequate from weak.
Another rating agency, AM Best, affirmed the financial strength rating
of A- (excellent) and the issuer credit rating of A- of African
Reinsurance Corporation (Africa Re).
Africa Re is owned by 41 member countries, 110 insurance and reinsurance
companies and five development finance institutions including African
Development Bank (ADB), International Finance Corporation (IFC), DEG of
Germany, FMO of Netherlands and PROPARCO of France.
