Gunther1
JF-Expert Member
- Sep 22, 2019
- 526
- 266
The Global Credit Ratings (GCR) announced the review of Kenya Reinsurance Corporations Limited under the new criteria released in May 2019.
This has seen Kenya Re’s Financial Strength Ratings revised to AA+ as compared to ratings of AA in 2018 with a stable outlook. Furthermore, the Corporation’s international strength ratings have been revised to a rating of B+ in 2019 from a rating of BB in 2018 with a stable outlook. The ratings of the Corporation have been supported by a very strong risk-adjusted capitalization due to adequately catering for the relatively stable quantum of insurance market and credit risk.
The ratings of the Corporation have been supported by a very strong risk-adjusted capitalization due to adequately catering for the relatively stable quantum of insurance market and credit risk.
The higher ratings are attributable to healthy liquidity, supported by the adoption of balanced asset allocation with liquid assets representing 53 % of the total investment portfolio. The rise in ratings has also been credited to liquidity coverage of net technical liabilities and operational cash coverage remaining fairly stable over the last three years.
The strong market share of Kenya Re is as a result of premium diversification, which has allowed for a wider portfolio spread across four lines of business in different countries, with Kenya recently posting gross premiums of 49 % while India generated 20 %.
The business profile of the reinsurer is premised on a strong adjusted capitalization and a stable business profile, liquidity risks and equipoised earnings.
Ill-fated Silverstone Airlines Grounds To A Halt
November 19, 2019
Silverstone has issued a one-month redundancy notice to its pilots and crew members as it moves to terminate their services amid pending closure of its operations.
This comes barely a week after the Kenya Civil Aviation Authority (KCAA) suspended its Dash- 8 fleet from flying for seven days to allow inspection after a sequence of mishaps.
The low-cost carrier on Monday served its staff with termination letters.
“Silverstone Air Services Limited has become redundant. This decision has been made as a result of the recent decision by Kenya Civil Aviation Authority to ground the company’s fleet, thereby grounding our passenger services,” the management has told pilots.
“This has resulted in irreparable damage to the company’s brand equity as evidenced by mass cancellations of tickets. The company cannot therefore continue to operate commercially. We assure you that the step the company has taken has no relation to matters of your individual productivity.”
“This letter serves as notice of redundancy, taking into account your notice period of one month as per your contract of employment. This Notice is effective November 18,” it concludes.
Last week, KCAA suspended eight Silverstone aircraft to pave way for investigations on the recent mishaps that affected the airline.
“Those who were flying the Dash-8 have already been retrenched,” a source within the airline told the Star.
The airline has been on the spot over a number of incidences at local airports. On October 28, one of the rear wheels of its aircraft came off as the plane was taking off from Lodwar Airstrip.
The plane which was en route to Nairobi with four passengers and five crew members was forced to land at Eldoret International Airport.
On October 11, a Silverstone aircraft crashed off the Wilson Airport runway shortly after taking off. The Lamu-bound aeroplane–flight 5Y-IZO crashed five crew members and 50 passengers, two of who were injured.
Other passengers were however safely evacuated. No fatalities were reported.
KCAA Director General Gilbert Kibe last week said: “They (Silverstone) cannot operate until we come up with a report on what happened.”
The airline had a fleet of 11 planes when it was fully operational.
KCAA had said other makes and models of the airline could operate as they have met the required safety standards.
This has seen Kenya Re’s Financial Strength Ratings revised to AA+ as compared to ratings of AA in 2018 with a stable outlook. Furthermore, the Corporation’s international strength ratings have been revised to a rating of B+ in 2019 from a rating of BB in 2018 with a stable outlook. The ratings of the Corporation have been supported by a very strong risk-adjusted capitalization due to adequately catering for the relatively stable quantum of insurance market and credit risk.
The ratings of the Corporation have been supported by a very strong risk-adjusted capitalization due to adequately catering for the relatively stable quantum of insurance market and credit risk.
The higher ratings are attributable to healthy liquidity, supported by the adoption of balanced asset allocation with liquid assets representing 53 % of the total investment portfolio. The rise in ratings has also been credited to liquidity coverage of net technical liabilities and operational cash coverage remaining fairly stable over the last three years.
The strong market share of Kenya Re is as a result of premium diversification, which has allowed for a wider portfolio spread across four lines of business in different countries, with Kenya recently posting gross premiums of 49 % while India generated 20 %.
The business profile of the reinsurer is premised on a strong adjusted capitalization and a stable business profile, liquidity risks and equipoised earnings.
Ill-fated Silverstone Airlines Grounds To A Halt
November 19, 2019
Silverstone has issued a one-month redundancy notice to its pilots and crew members as it moves to terminate their services amid pending closure of its operations.
This comes barely a week after the Kenya Civil Aviation Authority (KCAA) suspended its Dash- 8 fleet from flying for seven days to allow inspection after a sequence of mishaps.
The low-cost carrier on Monday served its staff with termination letters.
“Silverstone Air Services Limited has become redundant. This decision has been made as a result of the recent decision by Kenya Civil Aviation Authority to ground the company’s fleet, thereby grounding our passenger services,” the management has told pilots.
“This has resulted in irreparable damage to the company’s brand equity as evidenced by mass cancellations of tickets. The company cannot therefore continue to operate commercially. We assure you that the step the company has taken has no relation to matters of your individual productivity.”
“This letter serves as notice of redundancy, taking into account your notice period of one month as per your contract of employment. This Notice is effective November 18,” it concludes.
Last week, KCAA suspended eight Silverstone aircraft to pave way for investigations on the recent mishaps that affected the airline.
“Those who were flying the Dash-8 have already been retrenched,” a source within the airline told the Star.
The airline has been on the spot over a number of incidences at local airports. On October 28, one of the rear wheels of its aircraft came off as the plane was taking off from Lodwar Airstrip.
The plane which was en route to Nairobi with four passengers and five crew members was forced to land at Eldoret International Airport.
On October 11, a Silverstone aircraft crashed off the Wilson Airport runway shortly after taking off. The Lamu-bound aeroplane–flight 5Y-IZO crashed five crew members and 50 passengers, two of who were injured.
Other passengers were however safely evacuated. No fatalities were reported.
KCAA Director General Gilbert Kibe last week said: “They (Silverstone) cannot operate until we come up with a report on what happened.”
The airline had a fleet of 11 planes when it was fully operational.
KCAA had said other makes and models of the airline could operate as they have met the required safety standards.
