AM Best upgrades Zep Re's credit rating

AM Best has upgraded Zep Re's long-term credit rating from bbb to bbb+ and confirmed its B++ financial strength rating. The outlook for both ratings remains stable.

The agency's decision was based on the measures taken by the Kenyan reinsurer to improve its underwriting results, reduce its exposure to investment risk and achieve good geographical diversification.

According to AM Best, Zep Re's ratings also reflect its strong balance sheet, good operating performance, neutral business profile and appropriate enterprise risk management (ERM).

Zep Re has also been assigned a AAA (ke) financial strength rating, with a stable outlook, by the African credit agency GCR.

In 2022, the reinsurer's turnover reached 236 million USD. The average return on equity (ROE) over five years (2018-2022) stood at 7.2%.

Zep Re is present in Africa through six regional structures in Côte d'Ivoire, Zimbabwe, Ethiopia, the Democratic Republic of Congo, Sudan and Uganda.