{"id":468488,"date":"2020-09-30T17:23:16","date_gmt":"2020-09-30T16:23:16","guid":{"rendered":"https:\/\/www.kapitalafrik.com\/?p=468488"},"modified":"2020-09-30T17:23:16","modified_gmt":"2020-09-30T16:23:16","slug":"fitch-rates-african-risk-capacity-limited-arc-ltd-ifs-bbb-with-stable-outlook","status":"publish","type":"post","link":"https:\/\/www.financialafrik.com\/en\/2020\/09\/30\/fitch-rates-african-risk-capacity-limited-arc-ltd-ifs-bbb-with-stable-outlook\/","title":{"rendered":"Fitch Rates African Risk Capacity Limited (ARC Ltd) IFS &#8216;BBB+&#8217; with Stable Outlook"},"content":{"rendered":"<div class=\"pdfprnt-buttons pdfprnt-buttons-post pdfprnt-top-bottom-left\"><\/div><p>Fitch Ratings has assigned African Risk Capacity Limited (ARC Ltd), the commercial subsidiary of the African Risk Capacity Group (ARC Group), an \u2018Insurer Financial Strength (IFS) Rating of &#8216;BBB+&#8217; and a \u2018Long-Term Issuer Default Rating (IDR) of &#8216;BBB&#8217; with a stable outlook. Announcing the rating on its official website, after having earlier communicated same to the ARC Group, Fitch indicated that \u201cthe ratings reflect the commitment and credit quality of ARC\u2019s sponsors, as well as the company\u2019s good business profile, very strong capitalisation and leverage\u2026.\u201d<\/p>\n<p>Continuing, Fitch stated that, ARC Ltd\u2019s capital position is very strong, and a key strength for the rating level, adding that the company benefits from the treatment of the USD67 million of Class C members\u2019 returnable capital as Tier 1 capital under the Bermudan Solvency regime; and as equity capital under Fitch\u2019s Prism Factor-Based Capital Model (Prism FBM). As a result, ARC Ltd reported a Bermudan enhanced capital requirement (ECR) ratio of nearly 2500% at 31 March 2020, while the company\u2019s score on Fitch\u2019s Prism FBM was \u201cExtremely Strong\u201d at end-2019.<\/p>\n<p>\u201cObtaining an industry rating is an important enabler for our strategy to access new business by taking on inwards reinsurance, thereby allowing us to better meet the needs of countries by supporting national agricultural insurance schemes and providing capacity to local insurance companies\u201d, said Lesley Ndlovu, the CEO of ARC Ltd, while expressing his excitement at the Fitch BBB+ rating. \u201cConsidering that this is the first time ARC Limited is being rated, we are gratified for being ranked among the top-notch insurance companies in Africa. With only one notch lower than Africa Re, we are encouraged more than ever to leverage our competitive edge towards becoming the best disaster risk insurer in Africa in the service of our Member States\u201d, Mr Ndlovu concluded.<\/p>\n<p>ARC Ltd is funded by the UK Department for International Development (DFID) and the German Development Bank KfW. Fitch\u2019s assessment of these funders\u2019 willingness and ability to support ARC results in a one-notch uplift to its standalone credit profile. In addition to their capital contributions, Fitch believes DFID and KfW provide support to the company that is positive to the credit rating through governance and strategic input, while also facilitating sovereign participation in the business through premium subsidy schemes.<\/p>\n<p>Sharing his satisfaction with the rating, Ibrahima Cheikh Diong, the Group Director-General, ARC Group, agreed that a BBB+ ranking of ARC Ltd, by an internationally acclaimed agency like Fitch, should boost the faith of ARC stakeholders in the viability of its model relative to meeting set obligations to the Member States. \u201cOur approach in providing sovereign disaster risk insurance coverage to African Union Member States is anchored on the mandate to ensure that vulnerable populations receive immediate support upon the trigger of the set parameters. Ultimately, we want to become the development insurer of choice for Africa offering multiple products; and a BBB+ by Fitch is a bold step in this quest\u201d, said Mr Diong.<\/p>\n<p>By Fitch\u2019s assessment, ARC\u2019s portfolio diversification is still limited as the company currently offers a single parametric insurance product covering drought risk. Geographic diversification is moderate with the 2019\/20 risk pool (\u2018members\u2019) covering only 11 African Union Member States out of a possible 34, with the number of members having been volatile in prior years. Fitch expects ARC\u2019s business profile to improve through increased diversification as more countries sign up to the ARC project attracted by a broader range of products.<\/p>\n<p>ARC was established to be managed on a commercial basis and achieve very modest profits, but this remains secondary to the company\u2019s development goals. Fitch believes a degree of risk tolerance is inherent in the company\u2019s underwriting practices as development goals are prioritised over underwriting margins.<\/p>\n<p>The rating actions factored in Fitch&#8217;s current assessment of the impact of the COVID-19 pandemic, including its economic impact, under a set of rating assumptions outlined on Fitch\u2019s website. These assumptions were used by Fitch to develop pro-forma financial metrics for ARC Ltd that are compared with rating guidelines defined in its criteria. Under the rating-case assumptions, ARC Ltd&#8217;s credit fundamentals remain good and commensurate with a &#8216;BBB+&#8217; IFS Rating.<\/p>\n<p>In just over 6 years of operations, 56 policies have been signed by the ARC Member States with USD 83 million paid in premiums for cumulative insurance coverage of USD 641 million and the protection of 64.1 million vulnerable population in participating countries. From this, ARC Ltd made $60m payouts to the Governments of Senegal, Niger, Mauritania, Malawi, Cote D\u2019Ivoire, the START Network and WFP following droughts episodes in 2014, 2015 and 2019. These funds have gone towards assisting over 2.5 million people whose livelihoods rely on agriculture, preventing the loss of hard-earned developmental gains in addition to 1m. Governments have used ARC Ltd insurance payouts to scale up cash transfers, subsidize livestock feeds, replenish depleted food reserves, and distribute emergency food supplies. Recently, in 2020, payouts of USD 2,13 million were made to the Republic of Madagascar to cover 600,000 vulnerable population; and $1.8m to the Government of Zimbabwe and WFP to support over 500,000 people affected by the drought.<\/p>\n<div class=\"pdfprnt-buttons pdfprnt-buttons-post pdfprnt-top-bottom-left\"><\/div>","protected":false},"excerpt":{"rendered":"<p>Fitch Ratings has assigned African Risk Capacity Limited (ARC Ltd), the commercial subsidiary of the African Risk Capacity Group (ARC Group), an \u2018Insurer Financial Strength (IFS) Rating of &#8216;BBB+&#8217; and a \u2018Long-Term Issuer Default Rating (IDR) of &#8216;BBB&#8217; with a stable outlook. Announcing the rating on its official website, after having earlier communicated same to<\/p>\n","protected":false},"author":536282,"featured_media":468492,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"aside","meta":{"pmpro_default_level":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"translated_post_url_fr":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[12046,12065],"tags":[16521,16023,1119],"class_list":{"0":"post-468488","1":"post","2":"type-post","3":"status-publish","4":"format-aside","5":"has-post-thumbnail","7":"category-leaders-en","8":"category-press-releases","9":"tag-african-risk-capacity-group","10":"tag-arc-ltd","11":"tag-kenya-airways","12":"post_format-post-format-aside","13":"pmpro-has-access"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.5 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fitch Rates African Risk Capacity Limited (ARC Ltd) IFS &#039;BBB+&#039; with Stable Outlook - Financial Afrik<\/title>\n<meta name=\"description\" content=\"Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. 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Our \u201cexaggerated pretensions\u201d inspire us. We will strive, and gradually, to conceive, comfort and reach them. Three versions, three approaches and a global vision. The website is constantly on the news. The newsletter relays information every morning to executives, bankers, university financiers, students. The monthly edition analyzes the information and explains the setbacks. A single credo initiates our journalistic approach: information = actors, facts = a pluralistic vision. 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The aim of Kapital Afrik is to provide financial and political news, give priority to human entrepreneurial experiences, lend life to economic policies, givemeaning to statistics. Our \u201cexaggerated pretensions\u201d inspire us. We will strive, and gradually, to conceive, comfort and reach them. Three versions, three approaches and a global vision. The website is constantly on the news. The newsletter relays information every morning to executives, bankers, university financiers, students. The monthly edition analyzes the information and explains the setbacks. A single credo initiates our journalistic approach: information = actors, facts = a pluralistic vision. 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