Centriq A+ rating reaffirmed
Centriq specialises in alternative risk financing solutions and provision of underwriting facilities through a UMA partnership model. This is mostly achieved through contingency policies and cell captive facilities respectively. The insurer is a wholly owned subsidiary of Centriq Insurance Holdings Limited, forming the short term insurance arm of the Centriq group. The group is owned by Santam Limited (67%) and Kagiso Risk Solutions (Pty) Limited (33%).
Hannover Re maintains strong ratings
GCR has reaffirmed Hannover Reinsurance Africa Limited’s (“Hannover Re”) domestic ZAR currency claims paying ability rating of AA+ (double A plus). Furthermore, the international US$ currency rating was maintained at A (single A).
M&F rating reaffirmed, rating watch maintained
GCR has reaffirmed Mutual & Federal Insurance Company Limited’s (“M&F”) domestic ZAR currency claims paying ability rating at AA+ (double A plus), with the rating was maintained on rating watch.
Kenya Re accorded first time ratings
Kenya Reinsurance Corporation Limited (“Kenya Re”) was accorded a first time domestic KShs currency claims paying ability rating of AA (double A). The rating is a reflection of a high claims paying ability and above average protection factors. Furthermore, Kenya Re was accorded an international US$ currency claims paying ability rating of BB+ (double B plus).
Heritage Tanzania placed on rating watch
GCR has reaffirmed Heritage Insurance Company Tanzania Limited’s (“Heritage Tanzania”) domestic TShs currency claims paying ability rating of AA- (double A minus), whilst the rating has been placed on rating watch.
GijimaAst placed on positive outlook
GCR has accorded Gijima Ast Group Limited (“GijimaAst”) domestic ZAR currency ratings of BBB (triple B) and A2 (single A two) for the long and short term respectively. Underpinned by a sound underlying business and adequate credit protection factors, margins have continued to strengthen despite the adverse operating environment prevailing since F08. As such, the group’s ratings were placed on positive outlook.
PUREhealth’s rating withdrawn
As a result of its relatively small and ageing membership base, comparatively high claiming profile and weak financial position, effective November 2008, the Council for Medical Schemes (“CMS”) requested that PUREhealth investigate and pursue possible merger opportunities. However, notwithstanding negotiations with a number of prospects, PUREhealth has been unsuccessful in sourcing an appropriate scheme with which to amalgamate.
Bank Limited retains domestic ratings
GCR has reaffirmed Investec Bank Limited’s (“IBL”) national ZAR currency long term credit rating at AA- (double A minus) and its short term credit rating at A1+ (single A one plus). The accorded ratings reflect IBL’s established franchise value, as well as its diversified income streams and strong liquidity position.
Despite the challenging market, GCR affirms PSGFS rating
GCR has reaffirmed PSG Financial Services Limited’s (“PSGFS”) local currency ZAR long term rating at A (single A) and short term rating at A1- (single A one minus). PSGFS is sole subsidiary of PSG Group Limited (“PSG”). GCR raised some concerns as to the impact of higher gearing on the group, given the challenging operating environment. However, net gearing remains low within both PSG and PSGFS, while gross interest coverage has increased to above 5x in both companies and they now report net interest inflows. |
