Tanzania Reinsurance Company: AM Best rating

AM Best has assigned a financial strength rating of "B" (fair) and a long-term credit rating of "bb+" to Tanzania Reinsurance Company (Tan Re). The outlook is stable.

This decision reflects the company's strong balance sheet, good operating performance, limited business profile and marginal enterprise risk management.

The weighted average combined ratio and average return on equity (ROE) over the 2018-2022 period stood at 91.2% and 10.7% respectively.

AM Best's review also highlights the company's favorable underwriting trend, driven by its non-life business, which accounted for almost 90% of the overall portfolio in 2022.