Four local insurers make AM Best non-US credit rating list

  Four Nigeria based insurance firms, Africa Reinsurance Corporation (Africa Re), Continental Reinsurance plc, Custodian and Allied Insurance plc and Mansard Insurance plc were four Nigerian insurance firms that made the AM Best Non-Use 710 firms credit ratings update as at February 28, 2013.

Africa Re was declared stable and A-Rating, which according to the agency is assigned to companies that have in its opinion, an excellent ability to meet their obligations.

Continental Re on the other hand earned Stable with B+ which according to the agency signifies a good ability to meet their ongoing insurance obligation.

Whereas Custodian and Allied and Mansard Insurance, both showed stable and B ratings. According to the agency, this is assigned to companies that have a fair ability to meet their ongoing insurance obligations. Financial strength here is vulnerable to adverse changes in underwriting and economic condition.

The summary report released by AM Best over the weekend includes credit ratings for all non-U.S. companies rated by AM Best Company, as well as their outlooks and implications. Credit ratings consist of the Financial Strength Rating (FSR) and Issuer Credit Rating (ICR) for each company. These company reports have been considerably enhanced, reflecting expanded financial analysis and commentary.