Global Credit Ratings (GCR) has reaffirmed its international scale A (single a) rating and its National scale AA+ (double a plus) rating on Hannover Reinsurance Africa Ltd. Both ratings have also been given a stable outlook.
According to GCR, the rating is underpinned by the parental support provided by Hannover Re Germany (rated AA- on an international scale). “The strategic benefit of Hannover Re to the Group is underpinned by the significant cumulative profits transferred throughout the review period,” said GCR in a statement.
Further, GRC notes that the group’s market position and profile are viewed as key strengths, given Hannover Re’s position as a top tier player in the South African reinsurance market, as well as its strong brand.”
“The reinsurer’s business model allows for participation at multiple levels of the insurance value chain, providing access to profitable niche business through its subsidiaries. Hannover Re has looked to supplement its core portfolio with specialist risk types, increasing its presence as a lead reinsurer,” said GCR.
“We are extremely pleased with the affirmation of our credit rating by GCR. This rating reflects the continued progress we have made in the local market and also provides significant comfort to our local clients," says Randolph Moses, Managing Director of Hannover Reinsurance Africa
Get the latest issue of FAnews