Most of the premium growth stemmed from the implementation of a new crop insurance scheme,
Although GIC Re’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), has declined due to rapid growth in business volume, it remains supportive of the rating level. Nonetheless, the company’s risk-adjusted capitalization could be affected adversely by large underwriting losses or negative movements in its investment portfolio.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
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