GCR Ratings has affirmed Kenya Reinsurance Corporation's financial strength rating of AA+(KE), with a stable outlook. According to the rating agency's, the national scale financial strength rating of Kenya Re reflects consistently very strong risk adjusted capitalisation and healthy liquidity and business profile. As such, GCR CAR was maintained around 3.0x, reflecting a sizeable capital base relative to the growing quantum of insurance, market and credit risks. The firms liquidity also represented a credit strength, stimulated by receivable collections following implementations of cash and carry regulations in different markets. The business profile of the reinsurer was unchanged within intermediate levels, characterised by a strong presence in Kenya diluted by limited competitiveness in foreign markets.

Source: The Star July 10, 2020 01:52 UTC