GLOBAL Credit Ratings (GCR) on Monday reaffirmed its international scale A rating and its national scale AA+ rating on Hannover Reinsurance Africa with a stable outlook.
GCR said the rating was underpinned by the parental support provided by Hannover Re Germany, which is rated AA- on an international scale.
"The strategic benefit of Hannover Re to the group is underpinned by the significant cumulative profits transferred throughout the review period," GCR said in a statement. The rating agency also said Hanover?s market position and profile were viewed as key strengths, given Hannover Re?s position as a top tier player in the South African reinsurance market, as well as its strong brand.
GCR?s rating of Hanvoer Re follows Standard & Poor?s (S&P) recently assigning short-term insurer Santam an A-minus long-term counterpart credit and insurer financial strength rating. S&P also gave Santam a zaaAA South Africa national rating with a stable outlook.
Santam also received a similar stable rating recently from Moody?s, which cited the strong performance and capital strength of South Africa?s largest short-term insurer by annual premiums.
In its commentary, S&P said Santam continued to develop its competitive position through diversification and to manage risk exposures in line with capital resources.
Santam CEO Ian Kirk said: "This rating is testament to the financial strength of Santam and its stable operating performance, further enhancing our reputation and leadership status in the local market."
The insurers? rating contrast with S&P?s downgrade of South Africa, which took markets by surprise on Friday.
S&P kept a negative outlook on its BBB rating for South Africa, saying that "the political, economic and fiscal ramifications of South Africa?s social tensions could deteriorate" beyond its expectations.
That decision by S&P followed a downgrade by Moody?s two weeks ago, but S&P?s new rating of South Africa is one level below the credit assessments of the other two top rating agencies, Moody?s and Fitch.
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