AM Best has downgraded Ghana Re’s rating

The rating agency AM Best has downgraded Ghana Re’s credit rating from bb+ to bb while confirming its financial soundness B rating. This downgrade comes as a result of the company’s shaken performance following the suppression of the legal cession which used to offer it 20% of the premiums written by the local market. Outlooks have been adjusted from negative to stable since the level of capital-risk is poised to remain unchanged.