Staff Reporter | 24 Nov, 2023
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.
