Rating Release
Agusto & Co. assigns an “A-” rating to Rex Insurance Limited, with a “stable” outlook.
The rating expires on 30 June 2025
Agusto & Co. hereby assigns an “A-” rating to Rex Insurance Limited (Rex Insurance’ or ‘the Insurer’ or ‘the Company’) supported by good capitalisation, good liquidity profile, satisfactory profitability and investment management activities. However, the rating is constrained by elevated claims that adversely impair its underwriting performance, the dependence on high-risk oil and gas businesses, the dominance of insurance broker-generated businesses, low uptake of insurance products by Nigerians, and prevailing macroeconomic headwinds.