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GAIC |
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Best has affirmed the issuer credit rating (ICR) of "a-" of GKA and the debt rating of "bbb" of the EUR 250 million fixed-to-floating-rate subordinated notes issued by GKA and assigned an ICR of "a-" to GAIC. The rating also considers that GAIC has above-average credit exposure related to reinsurance recoverables, and profitability has been unfavorably affected by adverse loss reserve development in each of the past four consecutive years. |
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