December 2007/6

AM Best has removed the ratings of General Insurance Corporation of India (GIC) from negative and revised them to stable.

Despite the absence of so-called "megacatastrophes", a high number of loss events resulted in a 50 percent increase in economic losses from natural catastrophes to $75bn, with subsequent insured losses almost doubling to just under $30bn.

Ratings agency AM Best has upgraded the financial strength rating (FSR) of Argo Group subsidiary Peleus Reinsurance Ltd from A- (Excellent) to A (Excellent).

AXA's agreement to pay EUR810mn for a 36.7 percent stake in Russian insurer RESO Garantia has received an upbeat response from the investor community.