HONG KONG, May 7 (Bernama) -- A.M. Best has commented that the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” of General Insurance Corporation of India (GIC Re) (India) remain unchanged following the devastating earthquake that struck Nepal on April 25, 2015.
GIC
Re’s risk exposure in Nepal is protected by its retrocession
arrangement through excess of loss (XoL) cover. The maximum net loss
after XoL and the reinstatement premium is small compared with the
company’s latest capital and surplus. Hence, the impact of the
earthquake on GIC Re’s ratings is insignificant.
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