Magazine date:
Dec 2014 AM Best upgraded Kenya Re's credit rating from BBB- to BBB with stable outlook. The rating agency justifies this decision by the reinsurer's capacity to pay its claims.
Note that the financial strength rating of the reinsurer was maintained at B + at December 19, 2014.
This revaluation should strengthen the competitiveness of Kenya Re and consolidate its expansion strategy in Africa. The company could also eventually diversify into Islamic and agricultural products.
In 2013, Kenya Re achieved a turnover of 113 million USD (+ 21.5% compared to 2012). The shareholders' equity and net profit of the company amounted respectively to 210 and 35 million USD for the same period.