S&P ups African Re outlook to positive

Standard & Poor's said it revised its outlook on African Reinsurance Corp. to positive from stable, reflecting the alleviation of the execution risk associated with the growth at the South African subsidiary and the company's improved enterprise risk management to adequate from weak.

At the same time, the agency said it affirmed its BBB+ long-term counterparty credit and insurer financial strength ratings on the company.

The ratings on Africa Re reflect its strong competitive position in the African insurance markets, good and stable operating performance and strong capitalization, S&P said, noting that these positive factors are offset by the ERM structure, which although adequate, lags international peers in term of sophistication and also the political and economic environment within the company's core markets.

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