News and Events


AM Best, through a press release published on the Business Wire website on 31st January 2019, write that AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” of the Corporation. The outlook of these Credit Ratings is stable.



 The ratings reflect Kenya Re’s balance sheet strength, which AM Best categorizes as very strong as well as its adequate operating performance and neutral business profile.


Kenya Re’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), is assessed as strongest. Offsetting balance sheet strength factors include uncertainties related to the company’s natural catastrophe exposure and the very high financial system risk associated with operating in Kenya. AM Best expects Kenya Re’s risk-adjusted capitalization to remain at the strongest level over the longer term benefitting from robust retained earnings. The company has delivered an average return on capital and surplus of 15% over the past five years (2013-2017), considerably ahead of average inflation, which has been in the region of 7% per annum. Investment income was the primary contributor to profit over this period, whilst the average combined ratio was 96%. AM Best expects investment returns to trend lower compared with recent years over the coming years.


Kenya Re’s business profile benefits from a very strong market position in Kenya where the company enjoys mandatory cessions of 20% and generates in the region of 53% of its gross written premium. However, this is offset by a significantly weaker competitive market position elsewhere.






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