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GIC Re climbs up in global ranking

Both the rating agencies in their latest global ranking list of 25 top international reinsurers, released last week, have upgraded the GIC Re by two notches to the 12th position from 14th.

By: ENS Economic Bureau | Mumbai | Published: September 12, 2017 1:03:40 am

Public sector reinsurer GIC Re, which is in the middle of international roadshows to launch its Rs 10,000 crore IPO, has got a leg-up from the global rating agencies like Standard Poor’s and AM Best.

Both the rating agencies in their latest global ranking list of 25 top international reinsurers, released last week, have upgraded the GIC Re by two notches to the 12th position from 14th.

“Among the Asian companies on the list, GIC Re of India grew strongly, owing to the country’s government sponsored crop insurance programme — Prime Minister Fasal Bima Yojana — coupled with relatively weak solvency capital at its cedants,” said AM Best note. While two other Asian reinsurers — China Re (8th), Korea Re (10th) have found mention in the AM Best list, China Re (8th) and Japanese insurer MS&AD Insurance Group Holdings (10th position) are above GIC Re in S&P list.

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