Zep Re rating affirmed

Zep Re rating affirmed

Zep Re rating affirmed

Developing strong risk management principles has helped Nairobi-based reinsurer Zep Re maintain its AM Best ratings. AM Best has affirmed the financial strength rating of B++ and the long-term issuer credit rating bbb of ZEP-RE, PTA Reinsurance Company, Kenya. The outlook of these credit ratings is stable. AM Best said: “The company has a developed set of enterprise risk management…

South Sudan becomes latest member country of ATI

South Sudan becomes latest member country of ATI

South Sudan becomes latest member country of ATI

South Sudan has now completed its membership of the African Trade Insurance Agency (ATI), while in his New Year message President Salva Kiir Mayardit emphasised the need to build a peaceful, prosperous, secure and stable country. With financial support from the African Development Bank (AfDB), South Sudan was able to complete its membership with an initial share capital subscription of…

East Africa Re rating maintained

East Africa Re rating maintained

East Africa Re rating maintained

East Africa Re’s (EARe) stable earnings have helped AM Best affirm its ratings. The decision to maintain the financial strength rating of B (Fair) and the long-term issuer credit rating of bb+ of EARe (Kenya) came despite the firm’s “modest competitive” position in the region. The outlook of these credit ratings (ratings) remains stable. The ratings reflect EARe’s balance sheet strength,…

Risks continue to impact east Africa

Risks continue to impact east Africa

Risks continue to impact east Africa

Despite Kenya emerging from a protracted presidential election process and seeing a return to political stability, challenges remain, according to Control Risks. In its annual political and security risk forecast RiskMap, Control Risks reveales challenges will persist in 2018 for organisations operating in the country and east Africa more widely. High debt levels in Kenya and unpredictable policymaking in Tanzania…

Focus on people not just financials, east African insurers told

Focus on people not just financials, east African insurers told

Focus on people not just financials, east African insurers told

Steve Mbogo reports from the recent Insurance Institute of Kenya’s annual conference on a changing approach to how insurance should be sold The insurance industry in east Africa has been challenged to focus on growing the number of insured people, rather than just their financials, as a way of creating more value 
in society. Growing penetration has been a consistent…

Ethiopia likely to retaliate after tourist killing

Ethiopia likely to retaliate after tourist killing

Ethiopia likely to retaliate after tourist killing

Ethiopia is likely to mount raids on Eritrea-based Afar militants, in retaliation for the death of a European tourist during an attack on the Erta Ale volcano tourist site in Ethiopia’s Afar region by gunmen who had crossed the border from nearby Eritrea. Jordan Anderson, Sub Saharan Africa analyst, IHS Markit, said: “Afar regional police guarding the site exchanged fire…

Maritime security improving across Africa

Maritime security improving across Africa

Maritime security improving across Africa

Somalia has become the 14th signatory to the Jeddah Amendment to the Djibouti Code of Conduct, according to the International Maritime Organisation (IMO). The Djibouti Code of Conduct is the instrument developed and adopted by countries in the Western Indian Ocean and Gulf of Aden that the IMO believes has been a key factor in repressing piracy and armed robbery…

Risk Frontiers East Africa report

Risk Frontiers East Africa report

Risk Frontiers East Africa report

On 17 November 2017, Commercial Risk Africa hosted the Risk Frontiers East Africa conference at the Safari Park Hotel and Casino in Nairobi, Kenya. Download our post-event report to catch up on all the news, analysis, debates and pictures from the day.

Eritrea joins Afriximbank

Eritrea joins Afriximbank

Eritrea joins Afriximbank

Eritrea has become the 48th country to join the African Export-Import Bank (Afreximbank). Eritrea’s President Isaias Afwerki said Eritrea would aim to be an effective contributor in Afreximbank, to encourage and ensure the creation of the environment for the delivery of the services for which the bank was created. The membership also follows the recent acquisition of shares in the…

Risk managers worry as Kenyans uphold election and Mugabe clings to power in Zimbabwe

Risk managers worry as Kenyans uphold election and Mugabe clings to power in Zimbabwe

Risk managers worry as Kenyans uphold election and Mugabe clings to power in Zimbabwe

Businesses across Kenya are holding their breath as the Kenya Supreme Court upholds the election result and leaves the way clear for Uhuru Kenyatta to take his second term as President. The Court ruled on 20 November that the boycott of last month’s election was illegal and therefore the result would stand. Protests erupted almost immediately. However, Kenyatta supporters were…

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