Standard & Poor’s confirms Hannover Re Africa’s “A” Rating

Standard & Poor’s has confirmed the “A” (Stable) rating for Hannover Re Africa, noting the company’s strategic importance to the Hannover Re Group, strong capitalization and good operating performance. This follows the “A” (Stable) rating awarded to Hannover Life Re Africa earlier in the year.

“The ratings on South Africa-based reinsurer Hannover Reinsurance Africa Ltd. (Hannover Re Africa) reflect the company's strong capitalization and good operating performance. The ratings also benefit from the company's strategic importance to the Hannover Re group*” quotes Standard & Poor’s, going on to say “Hannover Re Africa is one of the major reinsurers in the South African reinsurance market, although it is small in size in global terms. The establishment of a consistent track record, the ability of the group's enterprise risk management (ERM) processes to mitigate the potential risks arising from the company's business model, and the comprehensive reinsurance protection in place”

Standard & Poor’s went on to quote on the stable outlook for the company and the continued delivery of positive results and strong Group integration.

Randolph Moses, MD Hannover Re Africa says “We are very pleased to be based in South Africa, offering local knowledge and offering internationally recognised excellent quality capacity”.