AM Best affirms Waica Re's rating and upgrades long-term credit outlook

AM Best has confirmed Waica Re's “B” (fair) financial strength and “bb+” long-term credit ratings.

The outlook for the former rating remains stable, while that for the latter has been upgraded from negative to stable.

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

The upward revision of the long-term credit rating outlook recognizes the improvement in the Sierra Leone reinsurer's balance sheet fundamentals, as demonstrated by its risk-adjusted capitalization, which reached its highest level at the end of 2023.