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FOR IMMEDIATE RELEASE
LONDON - OCTOBER 07, 2022 11:55 AM (EDT)
AM Best has placed under review with negative implications the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb” (Fair) of Ghana Reinsurance PLC (Ghana Re) (Ghana).
These Credit Ratings (ratings) have been placed under review with negative implications while AM Best carries out an assessment of the impact of Ghana’s deteriorating economic and operating conditions on Ghana Re’s credit fundamentals. Despite some geographic diversification of its operations across the African continent, Ghana Re maintains significant exposure to Ghana, where approximately 50% of its revenue is generated and approximately 70% of its investments are held. In particular, Ghana Re is exposed to Ghanaian government bonds, as well as the domestic banking sector through cash and term deposits. High levels of inflation may also put pressure on the company’s underwriting operations.
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 Activity web 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, Best’s Performance Assessments, Best’s Preliminary Credit Assessments 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 specialising 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.