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FOR IMMEDIATE RELEASE
LONDON - FEBRUARY 22, 2019 12:26 PM (EST)
AM Best has affirmed the Financial Strength Rating of C++ (Marginal) and the Long-Term Issuer Credit Rating of “b” of Wapic Insurance Plc (Wapic) (Nigeria). The outlook of these Credit Ratings (ratings) is negative. Concurrently, AM Best has withdrawn the ratings as the company has requested to no longer participate in AM Best’s interactive rating process.
The ratings reflect Wapic’s balance sheet strength, which AM Best categorises as adequate, as well as its marginal operating performance, limited business profile and marginal enterprise risk management.
The negative outlooks reflect AM Best’s concern that Wapic’s risk-adjusted capitalisation may further deteriorate over the medium term.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry.