Fitch applies BBB- IFSR to One Re

Fitch Ratings said it assigned UK-based One Re Ltd. an insurer financial strength rating of BBB- with a stable outlook.

Fitch said the rating reflects One Re's strong capitalization – which the agency expects to be maintained – a strong regulatory environment in the UK and the company's experienced management team with a strong track record in the African insurance markets.

The rating is limited by the company's start-up nature, small size and scale and weak profitability, which Fitch expects to improve as the company grows.

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