ASR Re Receives Baa1 Rating from Moody’s

ASR Re, a wholly owned subsidiary of ASR Holdings Limited (Mauritius), the non-operating holding company of the Africa Specialty Risks (ASR) group, has been assigned a Baa1 long-term insurance financial strength rating (IFSR) by Moody’s Investors Service.

The rating is based on ASR Re’s growing relevance and client base in Africa’s specialty and corporate insurance market, as well as its strong capital adequacy and low-risk invested assets exposure, and strong underwriting profitability to date.

Mikir Shah, CEO of ASR commented, “Our Moody’s Baa1 rating, the highest for any private insurer and fourth highest in Africa overall, is an important component of the next stage of our strategic journey.

This considers ASR’s business maturity with continued delivery ahead of plan in derisking investment into and across Africa.

We have outgrown our BBB+ AM Best rating which is no longer of value to our stakeholders and therefore requested it be withdrawn.

Source: Reinsurance news