2013-12-17 16:42:01 -
A.M. Best Europe – Rating Services Limited has assigned a financial strength rating of A (Excellent) and an issuer credit rating of “a+” to TransRe London Limited (TRL) (United Kingdom), a wholly owned subsidiary of Transatlantic Reinsurance Company (TRC) (New York, New York, USA). The outlook assigned to both ratings is stable.
The ratings of TRC were extended to TRL due to its role in and strategic importance to the TransRe group of companies, the explicit support provided through internal reinsurance by TRC in the form of a 60% quota share reinsurance agreement and TRC’s guarantee of TRL’s minimum capitalisation levels. TRC is expected to provide future support to TRL if required. In addition, TRL benefits from good prospective operating performance
and excellent stand-alone risk-adjusted capitalisation.
TRL is a newly established operating subsidiary of the TransRe group.
The company has been initially capitalised with USD 500 million of common shareholders’ equity, which has been provided by TRC. It is the intention that from 1 January 2014, risks that were written by the London branch of TRC will be renewed by TRL. Prior years’ business will be settled by the London branch of TRC.
A factor that could result in upward or downward ratings movement is a change in the financial strength of TRC. Additionally, a decline in the support received from the parent could have a negative impact on the 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 ..
In accordance with Regulation (EC) No. 1060/2009, the following is a link to required disclosures: A.M.
Best Europe - Rating Services Limited Supplementary Disclosure : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..
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