Algeria: National reinsurance company receives a B+
The Algerian national reinsurer, Compagnie Centrale de Reassurance (CCR), has received a B+ rating for the second consecutive year by AM Best rating agency due to its good financial health.According to a press release from AM Best, the ratings reflect CCR's good local business profile, strong risk-adjusted capitalisation and solid underwriting performance.
This good performance should continue thanks to a new regulation under which Algerian insurance companies must reinsure 50 per cent of their risk portfolio to CCR. Previously, they were free to choose their reinsurance company.
The new environment should, according to AM Best, increase CCR's gross written premiums by about 30 per cent in 2011.
"This rating places CCR within reinsurers with a good financial security. This distinction will also strengthen the confidence of national, and especially international partners, with regards to the creditworthiness and the service quality of CCR", Hadj Mohamed Seba, Chief Executive Officer of CCR, told APS news agency.