AVENI-RE: Bloomfield Investment rating

Ivorian rating agency Bloomfield Investment has assigned AVENI-RE a long-term financial rating of “A-” and a short-term rating of “A2”. The outlook is stable.

The long-term rating recognizes the reinsurer's high credit quality and good protection factors.

Risk factors are, however, more variable and important in an environment characterized by economic pressure.

Bloomfield's short-term rating reflects the company's certainty of timely repayment and good access to capital markets. Risk factors are minimal.

Regarding AVENI-RE's performance, the agency identifies the following positive rating factors:

• Progress in implementing the company's strategy over the 2019-2023 period
• A protective regulatory framework for reinsurers in the CIMA zone
• Overall contained premium volatility and good business diversification
• Improved turnover driven by facultative acceptances
• Consolidation of underwriting performance
• Assessment of the level of liquidity and claims coverage
• Compliance with regulatory solvency and liability coverage requirements