Kenyan insurer suffers rating loss

A Kenya-based financial services company’s national scale financial strength rating has been downgraded to BBB(KE), from A-(KE) with a stable outlook by a rating agency.

Occidental Insurance Company (OIC Kenya) has been downgraded on deterioration in earnings which consequently triggered a moderation in risk adjusted capitalisation.

The stable outlook reflects prospects of gradual earnings recovery towards levels observed at the start of the review period.

This comes after the rating agency affirmed OIC’s ratings on 2020, on strong risk adjusted capitalisation, which complement intermediate earnings and liquidity.

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