AM Best confirms GIC Re rating

AM. Best has affirmed the Financial Strength Rating of "A-" (excellent) and the Long Term Issuer Credit Rating of "a-" for the Indian reinsurer GIC Re. This rating reflects the strength of the company's balance sheet, its adequate operating performance and its appropriate enterprise risk management.

However, AM Best has revised downwards the outlook of these ratings from stable to negative. The agency justifies its decision by the decreasing performance on the local market (in agriculture, motor, fire and health insurance) and by the resurgence of natural disasters impacting the Indian reinsurer's international portfolio.

Read also | AM Best rating scale