AM Best Revises Outlooks to Positive for AzRe Reinsurance, OJSC
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of AzRe Reinsurance, OJSC (AzRe) (Azerbaijan).
The investment ratings of the company reflect AzRe’s balance sheet strength, which AM Best categorises as very strong, as well as its strong operating performance, limited business profile and marginal ERM. AzRe was rated in 2014 for the first time, it has been able to maintain its investment rating throughout 2015-2017 years in spite of unfavorable macroeconomic conditions by expanding to international markets, including CIS and Middle East. The company has been able to further strengthen its risk-adjusted capitalization, operating performance and portfolio diversification in 2018-2019 years in light of developing macroeconomic conditions which has affected to the revision of the rating outlook to positive.“Our mission is to become a leading reinsurer in our region. We have a professional staff and strong financials to meet the needs of our clients. All of our clients, especially local insurance market has a big role in our successes. We are grateful to all our clients and partners for their trust and support” notes Vusal Abbasov, CEO of AzRe.