Standard and Poor's Global Ratings (S&P) has raised the global scale long-term issuer credit and insurer financial strength ratings of Africa Re (African Reinsurance Corporation or Corporation) to Full 'A' with a 'Stable' outlook from 'A-' with 'Positive' outlook, the reinsurer states in a media release.
The upgrade, on 26 November 2025, followed S&P’s revision of Africa Re’s outlook from ‘A–’ / ‘Stable’ Outlook to ‘A– ’ / ‘Positive’ outlook in November 2024, leading to two consecutive positive rating actions within a 12-month period.
Africa Re’s statement added, “The last time the Corporation received a rating upgrade from S&P was 16 years ago—in 2009. The rating upgrade reflects Africa Re’s consistent strong operating performance, robust underwriting results, disciplined risk management, diversified pan-African footprint, and brand recognition in selected international markets.
“It demonstrates that an African-born and African-led reinsurance company can compete on the international stage across all dimensions, including technical excellence, capital strength, financial ratings, financial performance, and business resilience.”
Group Managing Director/CEO, Dr Corneille Karekezi, said, “This achievement places the Corporation among the very few indigenous reinsurance companies to be so rated from the developing and emerging economies of the world.”
The statement pointed out that S&P highlighted Africa Re’s sustained profitability, robust capitalisation, and proven resilience across multiple markets, including Africa and other territories.
“The rating upgrade not only validates the Corporation’s robust financial strength but also affirms its continued and even stronger ability to honour its obligations and build reliable partnerships. This distinctive competence is a key strategic advantage for insurance cedants, brokers, regulators and other partners who rely on Africa Re’s Full ‘A’ rated capacity, responsiveness, and technical excellence.”
Dr Karekezi further commented that “this milestone, a few months to our golden jubilee celebrations, is a strong indication of the maturity of the Africa Re brand as a trusted and reliable reinsurance security for African as well as other emerging, developing, and advanced economies of the world. It opens more opportunities to forge meaningful and mutually beneficial partnerships to reduce the persistent insurance protection gap and provide innovative solutions to address current risks and issues, among which are cyber security, climate change and resilience.”
“The Corporation embraces the responsibility of this milestone achievement and remains motivated to serve our beloved continent, Africa, and beyond. This is a renewed commitment to excellence in client engagement in the placement of their reinsurance business for long-term value alignment.”
On its website, Africa Re said that its services are dedicated to the African continent and open to select markets in Asia, Brazil and the Middle East. The reinsurer launched a branch in the Dubai International Financial Centre in 2022.