AM Best has assigned the Financial Strength Rating of B- (Fair) and the Long-Term Issuer Credit Rating of “bb-” (Fair) to Mainstream Reinsurance Limited Company (Mainstream Re) (Ghana). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect Mainstream Re’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, very limited business profile and marginal enterprise risk management.

Mainstream Re’s balance sheet strength is underpinned by its risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), comfortably at the strongest level, which is supported by low levels of underwriting risks. However, the company’s small capital base of GHS 172 million (USD 16 million) exposes its risk-adjusted capitalisation to potential volatility. In addition, Mainstream Re is exposed to high levels of economic, political and financial system risks in Ghana, where the company is domiciled and all its investments are held.

Mainstream Re has a track record of adequate operating performance, illustrated by its four-year (2022-2025) weighted average return-on-equity ratio (ROE) of 8.6%. ROE is muted to an extent due to the company’s high capitalisation levels and its practice of not discounting reserves despite reporting under the IFRS-17 accounting standard. Mainstream Re’s underwriting performance is modest, but has recently improved, underpinned by technical profits from its non-life business, which reported a net/net undiscounted combined ratio of 92.9% in 2025, compared to a four-year weighted average of 98.8%. The company’s earnings are supported by solid investment income. The trend of improved operating performance continued in the first half of 2026.

Mainstream Re is a small reinsurer by global standards with reinsurance service revenue of GHS 127 million (USD 12 million) in 2025. The company operates a well-diversified portfolio by line of business, though premium volumes are derived primarily from Ghana.

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. For more information, visit www.ambest.com.

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