The Global Credit Ratings (GCR) has upgraded the credit rating of Kenya Reinsurance Corporation (Kenya Re) under the new criteria released in May 2019. Kenya Re’s Financial strength ratings were reviewed from AA to AA+.
Its international strength ratings have also been revised to a rating of B+ in 2019 from a rating of BB in 2018. The positive ratings was due to a strong risk-adjusted capitalization. GCR notes that Kenya Re has adequately catered for the relatively stable quantum of the insurance market and credit risk.
The agency also cites the re-insurance firm’s strong liquidity with liquid assets being 53% of the total investment portfolio. In addition, the liquidity coverage of net technical liabilities and operational cash coverage was fairly stable during the last three years.
Kenya Re is the oldest reinsurer in East and Central Africa. The reinsurance firm has been in operation since 1970.
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