AM Best affirms Continental Re's rating

AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Continental Reinsurance with stable outlook.

The rating reflects the company's strong balance sheet, adequate operating performance, neutral business profile and marginal enterprise risk management.

Over the past five years (2018-2022), the company recorded an average combined ratio of 99.1% and an average return on equity (ROE) of 11.9%.

Continental Re is a composite reinsurer operating in more than 50 African countries, with premium volumes concentrated in Nigeria and Kenya.

The reinsurer has ended the financial year 2022 with a turnover of 103.2 billion NGN (231.2 million USD), against 34.2 billion NGN (94.4 million USD) in 2018.