Namibian insurer affirmed

A Namibia-based financial services company’s international scale financial strength rating has been kept at B+ with a stable outlook by GCR Ratings.

GCR has affirmed Namibia National Reinsurance Corporation (NamibRe) on its strong business profile balancing weaker, although still sound earnings and capitalisation levels.

The stable outlook reflects GCR’s expectations that the firm will maintain a sound financial profile, with capital adequacy and liquidity ratios expected to remain within the current ranges.

Meanwhile, GCR has also affirmed NamibRe’s national scale financial strength rating at AA-(NA).

This comes after NamibRe’s outlook was pulled down to negative from stable by Moody’s, following the revision of Namibia’s rating, earlier in 2020.

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