GCR affirms GENRIC Insurance Company Limited’s rating of A- (ZA)
Johannesburg - GCR Ratings (GCR) has affirmed the national scale financial strength rating assigned to GENRIC Insurance Company Limited (GENRIC) of A-(ZA) with a Positive Outlook, reflecting GENRIC's persistent strength in its financial profile, anchored by sound capitalisation, intermediate earnings and liquidity.
According to GCR's rating rationale, the Positive Outlook reflects the insurer's sound risk-adjusted capitalisation, supported by conservative asset allocation and well-contained aggregate risk exposures which supported an 18% compounded annual growth in capital over the past five years.
The GCR rating also derives support from Old Mutual Insure ("OMI") after its 100% acquisition of GENRIC, evidenced by strategic integration and alignment with group risk and capital management frameworks.
"As a niche insurer, GENRIC's market share remains highly focused, while the backing of an insurance giant like Old Mutual Insure allows us to unlock the synergies between our respective business models. It brings opportunity for rapid scale and expansion at a time when insurance consumers need specialised, niche solutions for new and emerging risks in a rapidly changing world. There is enormous scope for accelerated innovation, bringing together the best of risk mitigation, tech solutions, people and insurance distribution," explains Werner Strydom, Chief Financial Officer of GENRIC Insurance Company Limited.
GENRIC remains focused on niche solutions for the South African market, providing a diversified network of distribution partners across UMAs, brokers, and InsurTech partners.
"The affirmed GCR rating gives our policyholders and partners the peace of mind of our claims paying ability in their time of need," concludes Strydom.