GCR Ratings has upgraded Lombard Insurance Company Limited’s national scale financial strength rating to AA-(ZA) and its long-term issuer rating to A+(ZA), with a stable outlook.

According to GCR, the upgrade reflects Lombard’s established market presence, disciplined capital management and consistent performance within its specialist insurance niches. The ratings agency also highlighted the insurer’s strong solvency position, healthy liquidity and resilient earnings profile, supported by Lombard’s diversified underwriting partnerships and collaborative underwriting management agency (UMA) model.

Commenting on the upgrade, Lombard Managing Director Antoinette Shand said the improved ratings reinforce the company’s strategic direction in an evolving short-term insurance market.

“We’ve always been clear about what we’re trying to build. For us, it’s less about scale and more about focus. Strong partnerships and disciplined portfolio management give us a sustainable base from which to grow. The GCR upgrade reflects the strength of that foundation,” Shand said.

GCR’s stable outlook signals confidence in Lombard’s ability to maintain sound capital and liquidity levels while delivering consistent underwriting performance over the next 12 to 18 months.

Lombard has operated in South Africa for more than three decades and is recognised for its expertise in guarantee and specialist insurance lines, with a partnership-driven model that supports sustainable growth and prudent risk management.