Fitch Ratings grants Moroccan reinsurer Societe Centrale de Reassurance Triple A rating with a stable outlook
Moroccan reinsurer Societe Centrale de Reassurance (SCR has been granted by Fitch Rating services local triple A rating (AAA) with Stable Outlook, reflecting its financial soundness and solvency of 202% Solvency Ratio for the year 2016.
Commenting on the rating, Youssef Fassi-Fihri, CEO of SCR, said, “The rating reflects SCR’s strong institutional structure, adequate capital, good underwriting performance, as well as its solid market position in Morocco and Africa throughout its Representation Office in Abidjan.”
In this context, Fitch Ratings considers SCR’s underwriting performance to be good; Fitch also views positively the commitment from SCR, through its strategic transformation strategy “STRONG II”, to develop Facultative Reinsurance as a source for future revenues and profitability.
The rating granted by Fitch Rating services to SCR is amongst the highest and strongest rating assigned to a domestic institution. SCR entertains business relationships with over 300 clients in 50 countries.
Societe Centrale de Reassurance was created in 1960 through a convention between the state and the Caisse de Dépôts et de Gestion (CDG), renewed and updated in 2000. SCR is the leader of the Moroccan reinsurance market, and acts as institutional investor by contributing to withholding premiums in the domestic market. Furthermore, SCR undertook an ambitious diversification strategy based on international growth in Africa and the Middle East.