The credit rating of the African Reinsurance Corporation (Africa Re) is expected to be raised to “A” within the upcoming phase, said Managing director Corneille Karekezi on Tuesday.
Karekezi has made his forecasts after A.M. Best Europe – Rating Services Limited had recently affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” of Africa Re.
On the sidelines of a press conference held today in Cairo, Karekezi revealed that Africa Re will be issuing a number vital decisions within the coming phase which will represent a great ‘leap’ in the African insurance market.
The African official has further expressed his sincere gratitude that Cairo will be hosting the Corporation’s 36th Annual Ordinary Meeting by the end of this week.
Egypt will be hosting the 36th Annual Ordinary Meeting of the African Reinsurance Corporation (Africa Re)’s General Assembly on June 19th.
The corporation used to hold its Annual General Assembly Meeting in a member country and the opening ceremonies of these meetings usually presides by the countries presidents or governors as a kind of support to this regional project and to crown her role in the growth of Africa.
The African Reinsurance Corporation is an international financial institution comprising 41 member countries of the African Union and Development Finance Institutions , as well as the about 100 insurance and reinsurance companies operating in member countries and IRB- Brasil Re.