A.M. Best Co. reaffirms A -(Excellent) Rating to GIC Reinsurer

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A. M. Best Company has affirmed (11th March 2010) the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of General Insurance Corporation of India (GIC Re). The outlook for both ratings is stable.

The ratings reflect GIC Re’s strong capitalisation, stable expense ratio and established market presence. GIC Re’s risk-adjusted apitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), remains strong and is supportive of its current ratings.

As per A. M. Best Co., as the sole domestic reinsurer in India, GIC Res business profile remains strong, with the company maintaining its leading business position in the domestic reinsurance market. In recent years, GIC Re also has been directing more resources in expanding its overseas markets.