AM Best affirms Tan Re's rating

AM Best has affirmed has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” (Fair) of Tanzania Reinsurance Company Ltd. (TAN RE). The outlook remains stable.

AM Best justifies its decision on the basis of Tan Re's strong balance sheet, limited business profile and marginal enterprise risk management.

The rating also reflects the company's strong operating performance, demonstrated by a return on equity (ROE) in excess of 10% in each of the last five years.

The reinsurer's results are driven by its non-life business, which reported a combined ratio of 90% in 2023 against 92% in 2022.

Founded in 2001, Tan Re is a Tanzanian composite reinsurer.