LONDON (Standard & Poor’s) Nov. 28, 2014–Standard & Poor’s Ratings Services today assigned its ‘A-‘ counterparty credit and insurer financial strength ratings to South Africa-based non-life reinsurer African Reinsurance Corp.(South Africa) Ltd. (ARCSA). The outlook is stable.
The ratings on ARCSA reflect our view that it is « core » to African Reinsurance Corp. (ARC; A-/Stable/–). ARCSA is the group’s South African operating entity and was established in 2003. The core status reflects our view of ARCSA’s integral role, operational integration, and importance to ARC’s strategy.
We also factor in our opinion that ARC’s ownership affords the group and the subsidiary greater fiscal flexibility, through access to capital and liquidity. This places additional emphasis on the subsidiary remaining a key, and financially strong, part of Africa’s insurance market, of which the South
African market is a significant part.