Centriq Insurance Company Limited's (“Centriq”) national scale financial strength rating reflects a high level of stability within its credit profile, driven by sound and consistent earnings and well-managed capitalisation and liquidity. Furthermore, the business profile is viewed to be moderate, with an entrenched market position and speciality business model providing revenue consistency, although its moderate market share and premium concentration to South Africa does weigh down the business profile somewhat. The insurer is expected to sustain a high level of credit strength over the medium term, underpinned by a consistent business model, supportive of ongoing rating factor strength.
Centriq is a licensed short term cell captive insurance company that was established in 2004. The insurer is wholly owned by Centriq Insurance Holdings Limited, which is a 100% owned subsidiary of Santam Limited (“Santam”).