2014-04-02 21:47:01 -
A.M. Best has revised the outlook to positive from stable and affirmed the financial strength rating of A (Excellent) and issuer credit rating of “a+” of TransRe London Limited (TRL) (United Kingdom), a wholly owned subsidiary of Transatlantic Reinsurance Company (TRC) (New York, New York, USA).
The ratings are based upon TRL’s strategic importance to the TransRe group of companies. In addition, the ratings reflect the explicit support provided by TRC in the form of a 60% quota share reinsurance agreement and TRC’s guarantee of TRL’s minimum capitalisation level. TRC is expected to provide future support to TRL if required. TRL also benefits from good prospective operating performance and excellent stand-alone risk-adjusted capitalisation.
The positive outlook for the ratings reflects the positive
outlook for the ratings of TRC.
TRL is a newly established operating subsidiary of the TransRe group and was initially capitalised in 2013 with USD 500 million of common shareholders’ equity provided by TRC. The company started writing business on 1 January 2014 with risks that were written by the London branch of TRC being renewed by TRL.
A factor that could result in upward or downward ratings movement is a change in TRC’s financial strength. 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 ..
This rating announcement has been issued by A.M. Best Europe – Rating Services Limited, which is a subsidiary of A.M. Best Company.
A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..
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