GIC Re South Africa Ltd has an unconditional and irrevocable parental guarantee from its parent, GIC Re India. As per regulatory provisions of FSB, based on Reinsurance Regulatory Review final position paper, our parental guarantee technically puts GIC Re South Africa at par with the credit rating of our parent, i.e. A- (Excellent) by A M Best.
S & P Report – Abstract
S&P has published the rating of GIC Re South Africa Ltd for the year 2017.
Following is the summary of the rating action as mentioned by S&P in their report:
On the 7th of August 2017 S&P upgraded GIC Re South Africa Ltd’s national scale rating to ‘zaAA+’
On the 24th of November 2017 S&P affirmed GIC Re South Africa Ltd’s global scale rating at ‘ BB+ ‘ and National scale rating at ‘zaAA+’ nationalS&P Rating Affirmation letter November 2017 S&P Rating Upgrade Letter August 2017 S&P Rating Letter 2017