AM Best upgrades WAICA Re's outlook

AM Best has affirmed the financial strength rating of “B” (Fair) and the long-term credit rating of “bb+” (Fair) for WAICA Reinsurance Corporation PLC (Sierra Leone). The outlook has been upgraded from stable to positive.

According to AM Best, these ratings reflect the reinsurer's strong balance sheet, operational performance, and diversified business profile.

The rating agency also points out that WAICA Re has shown sustained organic growth and improved asset quality, despite significant exposure to economic and political risks in sub-Saharan Africa.