Moody's affirms ASR Re's rating

Moody’s Ratings has affirmed ASR Re Limited’s “Baa1” rating and revised the outlook from “stable” to “positive”.

The upgrade reflects the Bermudian reinsurer’s solid financial position, the development of a balanced and geographically diversified portfolio, and a prudent risk selection strategy.

Moody’s notes, however, that challenges remain, particularly operational risks associated with exposure to African markets.

Nonetheless, the agency considers these risks to be manageable at this stage.