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GCR now gives Kenya Re a stable outlook

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By BRIAN NGUGI
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Johannesburg based agency Global Credit Ratings (GCR) has affirmed the Kenya Reinsurance Corporation (Kenya Re) national scale claims paying ability rating of AA(KE) and international scale claims paying ability rating of BB. Both ratings were accorded a stable outlook.

The ratings agency that last month placed Kenya Re ratings under review, said the fresh ratings valid until July next year, are underpinned by strong capital buffers.

“The re-insurer’s business profile is strong, supported by a favourable strategic position and well diversified earnings,” said GCR.

“The strengthening of asset liability management approaches in recent years and a sizeable investment portfolio support very strong liquidity metrics, which are likely to be sustained over the medium term.”

GCR said Kenya Re’s domestic market position (at 18 per cent market share) is underpinned by compulsory cessions, and the affiliation with the Kenyan government, while earnings are fairly spread across different geographic locations and lines of business.

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“The re-insurer’s status as an established player was further cemented by the establishment of subsidiaries in strategic locations (in recent years), with the expectation of entrenching business relationships in Southern and West Africa.”

American AM Best had in February downgraded the financial strength rating of the listed firm to B (Fair) from B+ (Good) and the long-term Issuer rating to bb+ from bbb.

Kenya Re, which offers cover to more than 160 insurance companies spread out in over 45 countries in Africa, the Middle East and Asia, has said it is eyeing new markets across the globe to boost income in the face of stiffening competition both locally and abroad.

GCR said that in line with this the firm’s business profile is expected to remain strong, “further supported by strong brand recognition and elevated underwriting capacity relative to local and regional players.”



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Is Orengo charting his path away from Raila?

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History of intense rivalry between him and Opposition leader, alleged sabotage in 2013 and 2017 elections and talk of betrayal ahead of 2022.

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Police Deploy Chopper to Rescue Students Lost in Forest for 4 Days –

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Three students who went missing after a forest adventure in Mt Kenya, Karatina, Nyeri County, were finally rescued on Saturday after four days in the jungle.

Four days without food, the boys told members of the press that they survived by the grace of God.

17-year-old Anthony Muhoro, Jackson Karuri, 17, and David Mukoma Kinyua, 20, went missing on May 4.

Muhoro is a Form Three student at Gitunduti Secondary School, Karuri is also a Form Three but at Ihwagi Secondary School while Kinyua is a student at Nyeri National Polytechnic.

Also found alive were two dogs that were in the company of the three when they were reported missing.

Read: Missing Businesswoman Caroline Wanjiku Maina’s Body Found In A Kajiado Mortuary

The rescue team comprised of police officers who after four days of futile search deployed a National Police Service chopper to locate the students who were on the verge of despair.

In the Saturday search, the Nation reports, the officers teamed up with Kenya Wildlife Service and Kenya Forest Service rangers to comb the forest in search of the students.

In an interview with the local publication, Muhoro revealed that they were hiking when they lost their way back home.

“It was by the grace of God that we survived for four days without food and other necessities. We thought we were going to die and kept praying,” Muhoro said in a phone interview.

Read Also: Missing Thika Millionare Julius Gitau Found Alive – Police

“We literally groped in the dark after losing our way back home. We survived on water and wild fruits since we had not carried any food.”

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According to the student, the trio entered the forest through Ragati gate but couldn’t trace their way home hours later.

“We found ourselves deep into the dense woods. I don’t know how far it was from the edges of the forest but we were exhausted,” he said.

“We could not even tell the time since it was constantly dark. That is when panic set in.”

They could not communicate with anyone back at home as their mobile phones lost signals.

Read Also: Son To Murdered Kiambaa Family Reported Missing

“We started moving in the forest, literary going in circles in a desperate attempt to find our way out,” Muhoro said.

Days later as they moved around the forest with the hope of finding an exit, they ‘miraculously’ met some police officers and forest rangers who alerted the rest of the search team.

Mathira East Police Commander James Baraza, who led the operation, said the trio’s disappearance was reported at Karatina Police Station the same day they went missing and a search operation launched immediately.

Email your news TIPS to [email protected] or WhatsApp +254708677607. You can also find us on Telegram through www.t.me/kahawatungu

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Police in hot pursuit of gang that car-jacked a Ruaka resident – KBC

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The vehicle was found abandoned in Kagongo village, having been vandalized.

Kiambu based detectives are pursuing a dangerous and armed criminal gang that car-jacked a Ruaka resident on Friday, before disappearing with his Toyota Premio as he drove to his residence.

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According to the Directorate of Criminal Investigations(DCI), the victim had pulled over by the apartment’s gate at Ruaka One River Apartments, unaware that a gang of three assailants was laying in wait for him.

As the gates opened, the driver’s window was suddenly smashed with an iron rod, before two shots were fired in the air from a pistol in an attempt to subdue him.

However, he managed to force his way into the parking lot, but before he could jump out of the car and scamper to safety, the trio caught up with him and roughed him up before grabbing his car keys and phone.

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On receiving the report, DCI detectives based at Kiambaa launched a manhunt for the suspects.

The vehicle was found abandoned in Kagongo village, having been vandalized.

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Its rear and front headlights, side mirrors, all tyres, nose guard, boot and radio had been stolen.

Detectives believe that the three suspects are part of a larger criminal syndicate operating within Kiambu County.

They have been targeting taxi drivers while posing as customers, only to turn against them at isolated places, then vandalize their vehicles.

” Some members of the syndicate have previously been arrested and arraigned in court.” Said the DCI

The DCI has cautioned Kenyans on this trend of crime.

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