Africa Specialty Risks secures BBB+ credit rating with positive outlook from Fitch

Fitch Ratings has assigned Africa Specialty Risks (ASR), a pan-African and Middle East focused re/insurance group a BBB+ long term Insurer Financial Strength (IFS) Rating with a positive outlook to ASR Re.

According to Fitch, ASR Re’s ratings reflect its very strong capitalisation and low leverage.

Additionally, the reinsurer’s expanding business volumes and earnings demonstrate a positive outlook, indicating an enhancement of its franchise and business profile, the agency also noted.

ASR Re Ltd Bermuda continues to be a key part of the ASR Group and its growth strategy, as it looks to expand into new territories while maintaining its ambition of filling the insurance gap across Africa and the Middle East.

ASR Re continues to be a fundamental component of the ASR Group, and serves as the backbone of their growth strategy, the firm highlighted as the company aims to delve into new territories while remaining committed to their aspiration of addressing the insurance inadequacy across Africa and the Middle East.

Mikir Shah, CEO of ASR, commented: “We are extremely pleased to add a rating from Fitch which is a tier one rating agency that is highly regarded globally and across the African continent. The addition of a BBB+ rating with a positive outlook from Fitch to our Moody’s Baa1 rating enhances the credibility of our conservative credit profile in the market.

“Fitch’s positive outlook on the rating also signals the trajectory of our rating towards A- rating in the near term. The rating is based on ASR Re’s very strong financial profile and performance. Achieving this milestone is a significant step for ASR, as it highlights our continued progress and commitment to excellence.”

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