ASR Re, a wholly owned subsidiary of ASR Holdings Limited (Mauritius), the non-operating holding company of the Africa Specialty Risks (ASR) group, has been assigned a Baa1 long-term insurance financial strength rating (IFSR) by Moody’s Investors Service.
The rating is based on ASR Re’s growing relevance and client base in Africa’s specialty and corporate insurance market, as well as its strong capital adequacy and low-risk invested assets exposure, and strong underwriting profitability to date.
Mikir Shah, CEO of ASR commented, “Our Moody’s Baa1 rating, the highest for any private insurer and fourth highest in Africa overall, is an important component of the next stage of our strategic journey. This considers ASR’s business maturity with continued delivery ahead of plan in derisking investment into and across Africa. We have outgrown our bbb+ AM Best rating which is no longer of value to our stakeholders and therefore requested it be withdrawn.
“We look forward to our relationship with Moody’s going forward as a top-tier rating agency globally and in the insurance arena with the widest ratings coverage and analytical expertise on the African continent.”
Moody’s highlights the benefits brought to ASR by strong and supportive investors, including prominent African investment firm Helios Investment Partners, and three large development finance institutions have contributed to the stable outlook.
The ratings agency has also assigned a stable outlook to the rating, driven by its view that ASR Re is well-positioned to continue growing its business volumes while maintaining underwriting discipline and good capital adequacy.
