AM Best has reaffirmed Continental Reinsurance Plc’s Financial Strength Rating of B+ (Good) and Long-Term Issuer Credit Rating of “bbb-,” both with a stable outlook. The affirmation reinforces the company’s standing as a leading pan-African reinsurance provider, despite the challenges inherent in the African market.
In a statement, Lawrence Nazare, Group Managing Director of Continental Reinsurance Plc, expressed pride in the company’s resilience. “We have successfully maintained our rating despite operating in a particularly challenging environment characterized by elevated levels of economic, political, and financial system risks in African markets. External factors, including high foreign exchange volatility and an increase in catastrophic events, have further impacted the environment,” he noted.
Nazare highlighted AM Best’s recognition of the company’s strides in capital management and its ongoing efforts to improve geographical diversification across its operations and asset base. “The rating agency expects us to continue aligning our growth with available capital and underwriting capabilities while further enhancing our operating performance,” he added.
The affirmation comes as a testament to Continental Reinsurance’s strategic focus on growth and stability amid adverse market conditions, setting it apart as a reliable partner for clients across the continent.
About Continental Reinsurance Plc
Established in 1985, Continental Reinsurance Plc provides life and non-life reinsurance services to over 50 countries across Africa. With six regional offices in Nigeria, Cameroon, Kenya, Côte d’Ivoire, Tunisia, and Botswana, the company is committed to delivering best-in-class reinsurance solutions, aiming to become the premier reinsurance service provider in Africa.
About AM Best
AM Best, a globally recognized credit rating agency, specializes in the insurance industry, providing benchmarks for financial strength and creditworthiness. Headquartered in the United States, AM Best is a trusted authority for assessing the resilience of insurance companies worldwide.
This reaffirmation marks another milestone in Continental Reinsurance’s journey toward excellence, reflecting its capacity to navigate challenges while maintaining robust operational performance.
