7 December 2020
GIC PERESTRAKHOVANIE IS ASSIGNED B++ (GOOD) BY AM BEST
On 04 December, 2020 AM Best assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb”, stable outlook, to GIC Perestrakhovanie LLC – a specialist reinsurer, 100% subsidiary of GIC Re (Mumbai) based in Moscow, Russia.
GIC Perestrakhovanie obtained it’s reinsurance license from the Central Bank of Russian Federation in January, 2020 and started it’s operations in September 2020, focused to write a diversified book of inward non-life reinsurance from the territories of Russia and former Soviet Union countries.
AM Best outlines GIC Perestrakhovanie’s balance sheet strength, adequate operating performance, as well as explicit support received from the parent company – GIC Re, where the core is the unconditional parental guarantee.
The full press-release of AM Best Company Inc is available at the following link:
MOKASHI Sanjay Vasant, General Director:
“We much appreciate the fair and solid assessment of our company that AM Best carried out to come to the final verdict. For us it is a valuable opinion putting us in line with our parent company – GIC Re – holding the same B++ by AM Best. Though being a reinsurance start-up the rating reflects our robust balance sheet and strongest capitalization, both forming a ground for active and sustainable development. At the door of upcoming January renewals this news is very important for us as a new domestic reinsurer!»