AM Best [4] has assigned the Financial Strength Rating of "B+" (Good) and the Long-Term Issuer Credit Rating of “bbb-” to WAICA Re. The outlook of both ratings is stable.
For the rating agency, the results 2015-2019 of the Sierra Leonean reinsurer are solid. The five-year average combined ratio is of 87% and the return on equity (ROE) is set at 9.5%.
The rating also reflects the financial strength of the reinsurer's balance sheet, its good operating performance and its enterprise risk management policy. The balance sheet’s solidity is marked by a high level of risk-adjusted capitalization.
The investment strategy remains coherent with assets held mainly in deposits and cash. There is a low level of reliance on retrocessions. WAICA Re recorded a turnover of 70 339 916 USD in 2019, marking a 21.33% increase compared to 2018. The turnover’s growth prospects are high with premiums mainly underwritten in Nigeria, Ghana, Tunisia and French-speaking West Africa.