AM Best has upgraded the Financial Strength Rating of AzRe Reinsurance, OJSC (AzRe) from B+ to B++, and the Long-Term Issuer Credit Rating from “bbb-” to “bbb,” both with a stable outlook. This decision reflects AzRe’s strong balance sheet and consistent operating performance, although its business profile is still seen as limited with marginal enterprise risk management. The upgrades are attributed to improved investment diversification and strong risk-adjusted capitalization, particularly due to the company expanding its foreign investment portfolio. AzRe aims to enhance its international presence amid growing reinsurance premiums while facing competition from established reinsurers.
