AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Compagnie Centrale de Réassurance (CCR) (Algeria). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect CCR’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and marginal enterprise risk management.

CCR’s balance sheet strength is underpinned by the company’s strongest level of risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), which is supported by relatively low underwriting leverage and good internal capital generation. The company benefits from a state guarantee in the form of an interest-free loan facility, covering potential losses arising from Algeria’s compulsory natural catastrophe scheme written by CCR, net of retrocession. The assessment considers CCR’s significant exposure to the elevated levels of economic, political and financial system risks associated with Algeria, where the company is domiciled, holds over 95% of its invested assets and derives the majority of its business. Another partially offsetting rating factor is CCR’s moderate dependence on retrocession, which is used to protect the company against peak exposures, notably in Algeria. The associated counterparty risks are managed through the use of a panel of financially sound retrocessionaires.

CCR has a long-term track record of strong operating performance, with a five-year (2021-2025) weighted average return on equity of 15.3% (as calculated by AM Best). Operating results have been supported by strong technical results, evidenced by a five-year weighted average combined ratio of 79.6% (as calculated by AM Best), underpinned by highly profitable domestic business. Earnings are supplemented by good investment returns, with a five-year (2021-2025) average investment yield (including gains) of 5.5%. AM Best expects underwriting profitability to remain robust, prospectively, driven by a conservative underwriting approach.

CCR’s neutral business profile reflects its dominant position in Algeria’s reinsurance market, with an estimated market share of 64% in 2025, as measured by ceded premiums. The company benefits from compulsory reinsurance cessions and leads most domestic reinsurance treaties. However, CCR’s scale is limited by global standards, and its business is concentrated in the Algerian market. In 2025, CCR wrote DZD 53 billion (USD 412 million) of gross written premium, of which 79% was generated in Algeria.

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