AM Best Maintains Under Review With Negative Implications Status for Credit Ratings of SanlamAllianz Re Ltd

MARCH 25, 2026 11:40 AM (EDT)

AM Best Maintains Under Review With Negative Implications Status for Credit Ratings of SanlamAllianz Re Ltd

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FOR IMMEDIATE RELEASE

LONDON - MARCH 25, 2026 11:40 AM (EDT)
AM Best has maintained the under review with negative implications status for the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of SanlamAllianz Re Ltd (SAZ Re) (Mauritius).

The Credit Ratings (ratings) were first placed under review with negative implications on 29 August 2025, to reflect the uncertainty regarding SAZ Re's financial position following a USD 71 million write-off of receivables in the company's balance sheet, which caused a material deterioration in its risk-adjusted capitalisation. In response and by year-end 2025, SAZ Re's shareholders injected USD 47 million of capital, and the company began the implementation of widescale actions to improve its corporate governance and risk management. Subsequently, it has been identified that SAZ Re is expected to report a substantial net loss in 2025, resulting in a further deterioration in its capital and surplus. AM Best expects the company to adopt further actions to remediate any shortfall in capital and to further strengthen processes within its operations.

The ratings are expected to remain under review until AM Best has reviewed SAZ Re's audited year-end 2025 financial statements and subsequently assessed the company's credit rating fundamentals.

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 Activityweb page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings (BCR), Best's Performance Assessments (PA), Best's Preliminary Credit Assessments (PCA) and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.