AM Best Downgrades Credit Ratings of GIC Perestrakhovanie LLC and Maintains Under Review With Negative Implications Status
AM Best has downgraded the Financial Strength Rating to B+ (Good) from B++ (Good) and the Long-Term Issuer Credit Rating to “bbb-” (Good) from “bbb” (Good) of
The ratings reflect GIC Perestrakhovanie LLC’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management. The ratings also factor in rating lift due to the implicit and explicit support that
The rating downgrades reflect deterioration in GIC Perestrakhovanie LLC’s balance sheet strength due to heightened geopolitical, economic and financial system risk in
The ratings remain under review with negative implications as AM Best is closely monitoring the severity of the impact of sanctions, and the broader international response to the conflict in
This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in
Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Source: AM Best
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