AM Best confirms CICA-RE's rating

AM Best has confirmed the "B+" (good) financial strength and "bbb -" long-term credit ratings of the Joint Reinsurance Company of Member States of the Inter-African Conference for Insurance Markets (CICA-RE). The outlook remains stable.

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

The average combined ratio and average return on equity (ROE) over the 2018-2022 period stood at 94% and 9% respectively.