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LONDON - AM Best has upgraded the credit rating of Aldagi, the property and casualty insurance business of Georgia Capital PLC (GCAP), to investment grade "bbb- (Stable)" from "bb+ (Positive)," according to a company statement released Thursday.
The upgrade marks the first time a Georgian insurance company has received an international investment-grade credit rating. AM Best cited Aldagi’s ability to maintain a resilient balance sheet and sustain strong risk-adjusted capitalization as key factors in its decision.
"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," said Irakli Gilauri, Georgia Capital’s Chairman and CEO.
The rating agency’s assessment emphasized Aldagi’s prudent capital and underwriting management practices as contributing factors to the upgrade.
Georgia Capital operates as an investment platform focused on developing businesses in Georgia, targeting opportunities with potential to reach at least GEL 300 million in equity value within 3-5 years of initial investment. The company’s portfolio includes retail pharmacy operations, insurance businesses, and healthcare services.
Additionally, Georgia Capital holds minority stakes in several businesses, including a 20% equity position in a water utility business and a 19.3% stake in Lion Finance Group PLC, formerly known as Bank of Georgia Group PLC.
The information was disclosed in a regulatory filing to the London Stock Exchange (LON:LSEG).
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