Emeritus Reinsurance (Private) Limited (2022-02)
- Emeritus Reinsurance (Private) Limited
- Year : Feb 2022
Summary
The group’s diversified business model is a comparative credit strength, which could become more positive to the ratings if scale limitations in Botswana and Zambia are addressed. It is noteworthy that gross premium scale in Malawi and Mozambique has been sustained above USD5m while acquisitive growth in Zimbabwe, following the consolidation of Credit Insurance Zimbabwe Limited (“Credsure”) and more recently Fidelity Life Assurance of Zimbabwe (“Fidelity Life”), has supported overall gross premiums of c. USD34m in FY20 (FY19: c. USD20.7m; FY18: c. USD32.3m).
Additional Information
The Stable Outlook reflects potential for improved operating efficiencies to reduce the risk of negative earnings eroding capitalisation and liquidity. The national scale rating may be upgraded if increased location of assets to lower risk jurisdictions supports premium growth in these markets and earnings improve on a sustainable basis to support the quality of capital.
