A.M. Best has upgraded the financial strength rating to A (Excellent) from A- (Excellent) and the issuer credit rating to “A” from “A-” of African Reinsurance Corporation (Africa Re) (Nigeria).

The outlook for each rating has been revised to stable from positive.

The upgrade reflects Africa Re’s excellent risk-adjusted capitalisation, consistently strong operating performance, and robust market position in the increasingly competitive African reinsurance sector.

Additionally, the ratings factor in the framework in place to mitigate Africa Re’s exposure to the heightened political and economic instability on the continent.

A.M. Best is the leading specialist insurer rating agency publishing ratings on re/insurance companies in more than 85 countries worldwide and a provider of industry research, news and analysis on the insurance markets around the globe.