AM Best upgrades credit ratings of GIC Re’s to ‘A-‘ (Excellent)

State-owned General Insurance Corporation of India (GIC Re) on Friday announced that it has received an upgrade in its Financial Strength Rating (FSR) and Long-Term Issuer Credit Rating (ICR) from AM Best, a globally recognised credit rating agency, to “A-” (Excellent) from “B++” (Good), and the Long-Term ICR has been upgraded to “A-” (Excellent).

The outlook for both ratings has been revised to stable. In addition, AM Best has reaffirmed GIC Re’s India National Scale Rating (NSR) of aaa.IN (Exceptional) with a stable outlook.

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Earlier, Ramaswamy N, chairman and managing director (CMD) of GIC Re, told Business Standard, “Since in most markets, the regulators would want an ‘A-’, we have decided not to grow our international business unless we are able to grow without incurring additional costs. So, last year AM Best gave us a double push. Now, we are only one notch below ‘A-’. Hopefully, if we get it this year, then we’ll start growing that book. Most of the international business starts on January 1. So, once we get the rating this year, we’ll be ready for growth from January 1 (2025).”