Cruisader General Insurance Company rated A-

Global Credit Rating Agency (GCRA), the South African rating agency, has granted Cruisader General Insurance Company (CGIC) an A- rating. GCRA explains this good rating by the merger of CGIC with five other local insurers upon its recapitalization in 2007. The paid-up capital amounts to 3.4 billion NGN (29.3 million USD), that is, a surplus of 400 million NGN (3.4 million USD) compared to the minimum required by the legislation. GCRA also justifies this rating by the company's marketing efforts and the hiring of key staff.