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MUMBAI, IndiaA.M.Best Co. Inc. has downgraded the financial strength rating of General Insurance Corp. of India to A- from A.
Best said that the reinsurer, which benefits from compulsory cessions from domestic insurers, has a leading business position in the Indian market and an excellent risk-adjusted capitalization.
Best noted, however, that it has a high combined ratio and a reliance on investment income to create profits, among other factors.
The rating agency said it was concerned about the company's investment dependence on the equity markets and increasing competition from international reinsurers on non-compulsory business, among other things.