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Best morning The long-term issuer credit rating (Long-Term ICR) has been upgraded from “bbb” (Good) to “bbb+” (Good), and the financial strength rating (FSR) of GBG Insurance Limited (GIL) B++ (Good) has been confirmed (root West Island). The outlook for long-term ICR has been corrected from positive to stable, while the outlook for FSR is stable. GIL is a wholly-owned subsidiary of GBGI Limited. GBGI Limited is its non-operating holding company, which integrates the GBG Group.
The credit rating (rating) reflects the strength of the GBG Group’s balance sheet, which AM Best believes is strong, as well as its strong operating performance, limited business conditions and appropriate enterprise risk management (ERM).
The long-term ICR upgrade reflects GBG Group’s improved ERM practices. The group has developed an appropriate risk management framework, and its risk management capabilities are now considered commensurate with its risk profile.
The strength of the GBG Group’s balance sheet is supported by its risk-adjusted capital. As measured by the Best Capital Adequacy Ratio (BCAR), it is expected to remain at the strongest level, supporting…
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