AM Best confirms the rating of the Compagnie Centrale de Réassurance

AM Best has confirmed the financial strength rating of B+ (good) and the long-term credit rating of bbb- for Compagnie Centrale de Réassurance (CCR Algérie). The outlook for both ratings remains stable.

The rating reflects the Algerian reinsurer's strong balance sheet, neutral business profile and marginal enterprise risk management.

According to the rating agency, the company's balance sheet is protected by a State guarantee covering business written under the compulsory natural catastrophe insurance scheme.

AM Best also praised CCR's strong operating performance. Over the last five years (2019-2023), the average combined ratio stood at 80.7%, and return on equity (ROE) at 14.4%.

The Algerian reinsurer closed the 2023 financial year with a turnover of 47 billion DZD (348 million USD).