AM Best has affirmed the Financial Strength Ratings of A (Excellent) and the Long-Term Issuer Credit Ratings of 'a' (Excellent) of
The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect GIG's consolidated balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
GIG-
GIG's balance sheet is underpinned by consolidated risk-adjusted capitalisation being at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), and benefits from a comprehensive reinsurance programme and a conservative investment strategy. GIG's balance sheet is exposed to moderate levels of financial leverage following its acquisition of
GIG is amongst the largest and most diversified insurance groups in the
The group's record of strong operating performance has been maintained following the acquisition of GIG Gulf, with positive underwriting performance evident by a five-year (2018-2022) weighted average combined ratio of 95.1% and return-on-equity ratio of 17.4%, as calculated by AM Best, which includes a large one-off accounting gain from the acquisition of GIG Gulf in 2021.
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.
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