LAGOS—Wapic Insurance Plc, a full line insurance service provider headquartered in Nigeria and with operations in Ghana has been rated B- by A.M. Best, a global credit rating agency.

The insurer was also awarded an Issuer Strength Rating, ISR, of ‘BB-’ by the rating agency.

In a statement, the firm said that the rating grade underscores its enhanced underwriting capabilities, performance and its strong enterprise risk management framework. The rating also recognizes Wapic’s respectable liquidity position and strong risk-adjusted capitalization underpinned by the firm’s improved assets quality. Stemming from these, the company’s was assigned a stable outlook as its overall rating.

AM Best was cautiously optimistic that the rating assigned to Wapic, which is contingent on the successful implementation of the company’s corporate strategy will improve in the medium term given the company’s strong execution capabilities.

While this rating affirmed Wapic Insurance’s financial strength and importance to the insurance industry in the West African sub-region, the rating could be noted as one of the immediate impacts of the company’s transformation as a result of its acquisition by Access Bank Plc, and eventual repositioning for optimal performance under the watchful eyes of Aigboje Aig-Imoukhuede, a business leader reputed for his uncommon management acumen and an accomplished turnaround manager.

This implies that Wapic Insurance has the capability to significantly grow its market share and create value for shareholders under the present management. Established in 1958, and listed on the Nigerian Stock Exchange 20 years later in 1978, Wapic has built a strong franchise in the largest economies in Sub-Saharan Africa and operates two subsidiaries; Wapic Life Assurance Limited and Wapic Insurance (Ghana) Limited.