AM Best confirms Continental Re's rating

AM Best has confirmed Continental Re 's “B+” (good) financial strength and “bbb-” long-term credit ratings. The outlook for both ratings remains stable.

The rating reflects the company's strong balance sheet, adequate operating performance, neutral business profile and marginal enterprise risk management.

In 2023, the company recorded a combined ratio of 93.4% and a return on equity (ROE) of 24.6%.

The reinsurer closed the 2023 financial year with insurance revenue (gross) of 112.5 billion NGN (126 million USD), up by 30% on the previous year.