AM Best Affirms Credit Ratings of Ghana Reinsurance Company Limited
The ratings reflect Ghana Re’s balance sheet strength, which AM Best categorises as very strong, as well as its adequate operating performance, limited business profile and weak enterprise risk management (ERM).
The company’s very strong balance sheet strength is underpinned by risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Prospective capital requirements will be driven by the company’s strong growth outlook and by investment risk due to the concentration of assets in
Ghana Re has a track record of positive operating results, which are considered adequate when inflation rates in the company’s key markets are taken into account. In AM Best’s view, the group’s five-year return on equity compares positively with inflation after including the full return on hard currency investments, which partly arises in other comprehensive income. The combined ratio over the five-year period to
The company maintains a strong competitive position in
Ghana Re is exposed to high levels of political, economic and financial system risk in the countries in which it operates. The company’s ERM is evolving as evidenced by mitigation of the group’s exposure to natural catastrophes. Nevertheless, risk management capabilities are weak when compared with the company’s risk profile. AM Best expects ongoing improvement in risk management, which will put the company in a better position to manage anticipated growth in its core markets.
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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data provider specialising in the insurance industry. The company does business in more than 100 countries. Headquartered in
Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Source: AM Best
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