Africa Re maintains A-Level financial strength ratings from AM Best

The African Reinsurance Corporation (Africa Re) has announced the affirmation of its A-level Financial Strength Rating by AM Best, reinforcing the Corporation’s position as a stable and resilient reinsurer serving African insurance markets.

This affirmation follows Africa Re’s full upgrade to an A rating last year by S&P Global, underscoring broad-based confidence in the Corporation’s financial strength, governance, and long-term strategy.

Together, these ratings reflect Africa Re’s ability to consistently meet the high standards required of A-rated reinsurers across underwriting, capital management, risk governance, and financial discipline.

Maintaining A-level ratings requires more than scale or market presence. It reflects Africa Re’s capacity to operate with discipline through economic cycles, manage volatility across diverse markets, and balance growth with capital protection. These attributes are particularly critical in the African context, where reinsurers must navigate complex macroeconomic conditions, currency dynamics, and evolving regulatory landscapes.

Africa Re continues to strengthen resilience through conservative capital management, prudent underwriting, and careful accumulation control, supported by a diversified portfolio across regions, business lines, and counterparties. This foundation enables the Corporation to provide reliable capacity to cedants while maintaining financial stability during periods of heightened claims activity and market stress.

In parallel, Africa Re has reinforced its enterprise risk management framework by embedding risk-adjusted decision-making into underwriting, investment, and strategic planning processes. This disciplined approach ensures that performance objectives remain aligned with capital preservation and long-term sustainability.

Commenting on the affirmation, Corneille Karekezi, Group Managing Director/CEO of Africa Re, said: “Maintaining A-level ratings from both AM Best and S&P Global is a strong endorsement of Africa Re’s discipline, resilience, and long-term focus. These outcomes reflect the consistency of our approach, from prudent underwriting and capital management to strong governance. They also reinforce our commitment to supporting African insurance markets with stability and reliability, even in challenging and uncertain environments.”

Africa Re’s investment philosophy prioritises capital preservation, liquidity, and alignment with long-term liabilities while generating sustainable income. Combined with cautious reserving and disciplined risk selection, this approach supports Africa Re’s role as a dependable counterparty to cedants, brokers, and retrocessionaires.

Looking ahead, Africa Re remains focused on strengthening its financial foundations, enhancing analytical and risk capabilities, and supporting the continued development of resilient insurance markets across Africa. The affirmation by AM Best, alongside the A rating from S&P, provides a strong platform for the Corporation to continue delivering on this mandate.

Modestus Anaesoronye

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.