AM Best downgrades Kenya Re’s Rating AM Best downgraded Kenya Re’s financial strength rating to B(fair) from B+ (good) while long term issuer rating was downgraded to bb+ from bbb-. This was brought about by the rating company’s concern over the effectiveness of Kenya Re’s enterprise risk management given expected business growth and the increasing competition sophistication in the reinsurance industry. In addition, AM Best states that it has uncertainties relating to the company’s ability to grow its capital resources at the same rate that it increases revenue over the long term. AM Best categorizes Kenya Re’s balance sheet strength as very strong supported by adequate operating performance and a cession of 20.0% in Kenya, this is however offset by a weaker competitive position. (AM Best & DBIB Research).