2013-12-17 17:32:02 -
A.M. Best Europe – Rating Services Limited has assigned a financial strength rating of A (Excellent) and issuer credit rating of “a+” to SCOR Global Life Reinsurance Ireland Limited (SGLRI) (Ireland). The outlook assigned to both ratings is stable.
The ratings reflect the company’s integral role within the SCOR group and incorporate the explicit support provided to SGLRI from SCOR S.E., its ultimate parent company. Functioning primarily as an intra-group retrocessionaire, SGLRI reinsures the group’s international life reinsurance portfolio, with US life business accounting for approximately 80% of the company’s gross written premium.
SGLRI merged with SCOR International Reinsurance Ireland PLC (SIRI) (formerly Transamerica International Reinsurance Ireland Ltd) in January 2013. In 2012, the two companies wrote combined gross written premium of
approximately EUR 2 billion. Over the short term, SGLRI is expected to experience significant growth as it supports SCOR’s integration of the recently acquired Generali USA Life Reassurance Company (renamed SCOR Global Life USA Reinsurance Company).
Upwards and downwards rating movement would result from the operations of SCOR SE, from which SGLRI receives full rating enhancement. However, a material decline in SGLRI’s stand-alone risk-adjusted capitalisation or a revised assessment of rating enhancement could add negative pressure to its ratings.
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M.
Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..
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