Global credit rating agency AM Best has revised its outlook on General Insurance Corporation of India’s (GIC Re) financial strength rating (FSR) from Stable to Positive.
The rating agency has also revised GIC Re’s Long Term Issuer Credit Rating to Positive from Negative.
These revisions come alongside the affirmation of GIC Re’s FSR of B++ (Good) and Long-Term ICR of “bbb+” (Good), highlighting the corporation’s robust financial standing.
Moreover, AM Best has assigned GIC Re an India National Scale Rating (NSR) of aaa.IN (Exceptional) with a stable outlook, underlining the company’s exceptional performance within the Indian market.
“We are pleased with AM Best’s revised outlooks and the exceptional NSR assigned to GIC Re. These acknowledgments underscore our commitment to maintaining a robust balance sheet and enhancing our enterprise risk management strategies,” said Ramaswamy N, Chairman and Managing Director of GIC Re.
India’s national reinsurer, GIC Re is ranked 16th globally in terms of gross premium written and has a market share of 60-70 per cent.
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