Compass receives A+ rating from GCR
Compass Insurance, a specialist insurer in the South African market, has had its claims paying ability rating reaffirmed at A+ (single A plus) by Global Credit Ratings (GCR), Africa’s leading emerging market focused rating agency.
According to Paul Carragher, Managing Director of Compass Insurance, the rating is critical to the company as GCR plays a leading role in assessing the quality and credibility of financial service providers across Africa. “We are very pleased that our claims paying ability has been reaffirmed at such a high level. We hold this rating in very high regard, as does the rest of the South African insurance industry, as it reflects our commitment to provide excellent security to our policyholders.
“The ability to pay out on claims is integral to any insurance business and we are very proud that GCR has recognised this in our business model.”
According to Melanie Brown, Managing Director at GCR, the rating reflects the fact that Compass receives technical and reinsurance support from its parent company, Hannover Re. “Compass’ prudent investment strategy and sound liquidity metrics were also favourably viewed, as was the fact that solvency will be maintained at a level sufficient to meet domestic regulatory requirements and support its rating.”
“Having our A+ rating reaffirmed is a huge achievement for Compass Insurance and we are very proud to be recognised for our continued ability and commitment to pay claims,” concludes Carragher.
