Ratings of AzRe Reinsurance for investment diversification abroad updated

International rating agency AM Best, focused on the US insurance sector, has upgraded the financial sustainability rating of Azerbaijan's AzRe Reinsurance OJSC from B+ to B++, Report informs.

Additionally, the rating agency upgraded AzRe Reinsurance's long-term issuer credit rating from bbb- to bbb. Also, the outlook for AzRe's ratings remains stable.

This rating reflects AzRe's strong capital balance, strong operational performance, limited business profile, and marginal enterprise risk management (ERM).

"The upgrade of the reinsurance company's rating reflects its progress in strengthening its balance sheet, particularly following increased investment diversification outside Azerbaijan.

AzRe's balance sheet strength is supported by its consolidated risk-adjusted capitalization consistently being maintained above the minimum level required for the strongest assessment as measured by Best's Capital Adequacy Ratio," AM Best stated.