AM Best confirms Zep-Re's rating

AM Best has confirmed the “B++” (good) financial strength and “bbb+” long-term credit ratings of Zep Re (PTA Reinsurance Company). The outlook remains stable.

The rating reflects the Kenyan reinsurer's strong balance sheet, strong operating performance, neutral business profile and appropriate enterprise risk management.

Over the past five years (2019-2023), the company has recorded a return on equity (ROE) between 4% and 12%. In 2023, Zep Re reported good technical results, underpinned by a non-life combined ratio estimated by AM Best at 81%.

The improved underwriting results were the fruit of corrective measures taken by the company after incurring losses over the 2018-2020 period.