Global Rating Agencies like Standard Poor’s and AM Best boosted the Public sector reinsurer GIC Re, which is in the middle of international road shows to launch its Rs 10,000 crores IPO, stating that, “Among the Asian companies on the list, GIC Re of India grew strongly, owing to the country’s government sponsored crop insurance programme — Prime Minister Fasal Bima Yojana — coupled with relatively weak solvency capital at its cedants”.
