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| Filename | Mainstream-Re-Rating-Report-2022.pdf |
| Filesize | 386.88 KB |
| Version | paid report |
| Date added | September 30, 2022 |
| Downloaded | 0 times |
| Category | Credit Rating Reports, Insurance |
| Tags | Ghana |
Mainstream Re commenced operations in 1994, as a stand-alone reinsurer and the first privately owned reinsurer in Ghana. The composite risk carrier is currently majority owned by Kwame Addo (45.99%); Felix Ntrakwah (35.02%), Ghana Union Assurance Company (9.56%), Owusu Achaw (6.53%) and Fosuhene Asante (2.9%). Despite having a predominantly individual shareholding base, Mainstream Re has complied with steep minimum capital requirements in the market over the years including the current increase to GHC125m through a rights issue. Currently, Mainstream Re is one of the four domestic licenced reinsurers that have a right of first refusal to new business generated within the domestic market, presenting significant growth opportunities locally. However, the participation on external market remains limited at around 1%. Given that Mainstream Re is not part of a group of companies, we assess its credit profile on a stand-alone basis.