Financial Daily from THE HINDU group of publications
Saturday, Mar 19, 2005
Financial Daily from THE HINDU group of publications Saturday, Mar 19, 2005 |
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Money & Banking
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General Insurance AM Best reaffirms GIC's rating Our Bureau
Mumbai , March 18 INTERNATIONAL insurance rating agency AM Best has reaffirmed the `A (Excellent)' financial strength rating given to General Insurance Corporation. AM Best's ratings are recognised worldwide as the benchmark for assessing an insurer's financial strength. Mr Deepak Godbole, Deputy Manager, Management Secretariat, GIC, said, "These ratings give a comfort level to our clients. It builds on our credibility." Since September 2001, GIC has been the national reinsurer. AM Best anticipates that GIC will most likely retain its leading position within the domestic market despite a likely decline in its reliance on the compulsory cessions from which it benefits as India's national reinsurer. Currently, IRDA regulates 20 per cent cession from domestic insurers to GIC.
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