AM Best has upgraded the Financial Strength Rating of Millî Reasürans Türk Anonim Şirketi (Milli Re) from C (Weak) to C+ (Marginal), along with a Long-Term Issuer Credit Rating improvement from “ccc” to “b-,” maintaining a stable outlook. The agency cites enhancements in Milli Re’s financial fundamentals, particularly its improved risk-adjusted capitalization following beneficial earnings retention and a robust retrocession program that safeguarded its balance sheet after the February 2023 earthquakes in Türkiye. Despite the high economic, political, and systemic risks in Türkiye, AM Best noted a reduction in volatility since the elections in May 2023, alongside measures taken by the central bank to address inflationary pressures. Milli Re stands out as the only locally capitalized, privately owned reinsurer in the country, bolstered by its ownership of Anadolu, a leading player in Türkiye’s direct insurance market.