30 December 2003
Lagos — AFRICA Reinsurance Corporation Nigeria, has attained an "Excellent A" ranking in the global reinsurance market as confirmed from the detailed analysis on global reinsurance companies conducted by A. M. Best Corporation, the world's insurance rating and information group.
For Africa Re, this is an improvement of the high rating in 2002 by Standards and Poor's, the world-renowned credit analysis company with a 140 years credit analysis experience in insurance and re-insurance.
The latest analysis assigned an initial financial strength rating A-(excellent) with regard to the corporation's top rated performance in capitalisation, consistent and sustainable underwriting performance and outstanding market position in the African market."
The rating cited Africa Re's good business position as based on the company's regional reputation as a specialist in African proportional reinsurance, which has advanced since its establishment as an offshore reinsurance operation in 1976.
"Africa Re's good business position is based on the company's regional reputation as a specialist in African proportional reinsurance, which has been built up over the 26 years since its establishment as an offshore reinsurance operation in 1976. Success is based on the twin pillars of privileged access to the African insurance community and a reputation for quick and effective claims settlement," the company said.
Africa Re taps from a quality, stable and cosmopolitan management team with clear strategic goals, sound technical skills and prudent, professional values. Besides, corporate governance procedures have been examined by Standard & Poor's and found to be in line with international standards.
"Strategically, the principal aim of Africa Re's shareholders and management is for the company to be a successful and profitable center of reinsurance excellence in Africa, and thereby for it to help reinforce the local," the firm said.
Africa Re's steady climb say analysts is attributed to its corporate value. As a niche player in the industry, the corporation has undertaken the task to ensure that Nigeria's representation in the global insurance market measures up to the standard of top rated insurance corporations worldwide.
The corporation has also offered services of high standards of operation through the implementation of practical investment strategies, business relationships, proficient corporate governance and a highly effective management composition.
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