Magazine date:
Jul 2022 
AM Best has confirmed WAICA Re [4]'s "B+" (good) financial strength and "bbb-" long-term credit rating.
According to the rating agency, the Sierra Leonean reinsurer's operating performance is solid. The average combined ratio over the 2017-2021 period stands at 88.4% and the return on equity (ROE) at 12.4%.
In 2021, the company has recorded a turnover of 153.3 million USD, up by 49% compared to 2020.
Despite this strong performance, AM Best [5] has downgraded the outlook on both ratings from stable to negative. This decision reflects the pressure exerted on WAICA Re's balance sheet following the deterioration of its risk-adjusted capitalization.