AM Best upgrades credit rating of Georgia Capital’s P&C insurance business
Georgia Capital PLC (the “Company” or “GCAP”) announces today that AM Best, a leading international credit rating agency, has upgraded the credit rating of Aldagi, the holding company of GCAP’s P&C insurance business, to the investment grade level of “bbb- (Stable)” from “bb+ (Positive)”, marking the first time a Georgian insurance company has been assigned an international investment-grade credit rating.
The rating upgrade reflects AM Best’s view that Aldagi is well positioned to maintain resilient balance sheet strength and sustain its strongest level of risk-adjusted capitalisation, underpinned by prudent capital and underwriting management. The detailed rating announcement is available on AM Best’s website.
Irakli Gilauri, Georgia Capital’s Chairman and CEO commented: "We are proud of Aldagi’s milestone achievement, which highlights the quality of the business. Achieving investment-grade status is a significant step for both Aldagi and the broader Georgian insurance sector."
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