S&P lifts Hannover Re Africa

Standard & Poor's said it raised its long-term counterparty credit and insurer financial strength ratings on Hannover Reinsurance Africa Ltd. to BBB+ from BBB, following continued improvement in operating performance and capitalization.

The outlook is stable.

The agency said that the ratings on Hannover Re Africa also benefit from the support of the Hannover Re group (core entities are rated AA-/negative), as well as Hannover Re Africa's good competitive position and positive risk management, adding that these positives are offset, however, by a moderate quality of capital, inherent weaknesses of the program business model and the small size of the South African market.

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