ZEP-Re

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Zep-Re (PTA Reinsurance Company) (2022-02)
  • ZEP-Re
  • Year : Mar 2022
3 Tokens
USD 300.00
Summary

Gross written premiums (‘GWP’) grew by a modest 0.5% to USD 208m in FY20 as performance in the underlying markets was largely impacted by the slow economic activity because of pandemic induced lockdowns. Going forward, Zep Re is shifting focus towards consolidating its position in the COMESA region, which had a GWP contribution of 78% in FY20 from 75% in FY19. Contribution of the COMESA region towards GWP is targeted at 80% in FY21 with a near-term target of 85% following exits from some of the riskier markets. While this is likely to put pressure on premium growth, it is expected to boost future underwriting results.

Additional Information

The stable outlook reflects the ongoing consolidation in the COMESA region and continued success in influencing policy in key markets. As such, market withdrawal from non-core countries outside COMESA is expected to see a relatively weaker operating environment score but this will be offset by an enhanced business profile assessment over the medium term. The national scale financial strength rating is at the rating ceiling, and we view the likelihood of a downward rating action as remote.

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