Credit rating agency AM Best has revised Atlantic Re’s Long-Term Issuer Credit Rating (Long-Term ICR) outlook to positive from stable.
Concurrently, AM Best affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb” for the Moroccan-based reinsurer. The outlook of the FSR is stable.
The revision reflects the company’s improving risk-adjusted capitalisation and a track record of robust operating performance, AM Best noted.
Atlantic Re formalised its transition to its new brand in 2025.
Historically known as Société Centrale de Réassurance (SCR), the firm underwent an extensive rebranding in early 2026 to better reflect its expanding international footprint and “Reach 2030” strategic plan.
Since its establishment in 1960, the company has served as Morocco’s national reinsurer for over six decades, playing a central role in shaping the country’s insurance sector, covering major risks and supporting the national economy during critical periods.
According to AM Best, the shift to a positive outlook is primarily driven by its improving capitalisation, as this has reached its “strongest” level – as measured by the Best’s Capital Adequacy Ratio (BCAR) -, supported by an increase in unrealised investment gains.
“The balance sheet strength assessment factors in Atlantic Re’s high earnings distributions, in the form of dividends to its main shareholder, Caisse de Dépôt et de Gestion (CDG), a state-owned investment vehicle for the Kingdom of Morocco, and as remuneration of the explicit guarantee provided by the Moroccan state, which partially restricts capital generation,” AM Best explains.
Adding: “Another partially offsetting balance sheet strength factor is the company’s significant asset concentration to Morocco, where it holds over 95% of its investments.”
Atlantic Re has also demonstrated a powerful five-year (2020-2024) weighted average return on equity (ROE) of 14.3% and a non-life combined ratio of 85.2%.
The company’s results have been supported by the good profitability of its domestic Moroccan portfolio, with favourable reserve development stemming from its legacy compulsory cessions business, together with solid investment returns, evidenced by a five-year weighted average investment yield (including gains) of 5.9%.
AM Best expects Atlantic Re’s operating performance to remain strong, although exposed to potential volatility, driven by its peak exposures.
The company is currently targeting high-growth African markets through its network of regional offices in Abidjan, Kigali, Cairo, and Johannesburg, aiming to increase international turnover by up to 30% by 2030.
