A.M. Best Co. has withdrawn the financial strength rating (FSR) of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa” of Swiss Re Life & Health Limited and Swiss Reinsurance Company UK Limited (both UK-based). Best also withdrew the FSR of ‘A’ (Excellent) and ICR of “a” of Swiss Reinsurance Ireland Limited (Dublin, Ireland). All the above companies have been assigned a category NR-5 (Not Formally Followed).
Best explained that the rating actions were taken following the announcement that the “existing businesses of these companies have been transferred” to Luxembourg-based Swiss Re Europe S.A., a Swiss Re subsidiary.
Best also noted: “The consolidation of the European reinsurance business under Swiss Re Europe is part of Swiss Re’s plan to optimize its legal entity structure in the European Union. Swiss Re Europe has been gradually assuming the assets, liabilities and ongoing businesses of Swiss Re’s various reinsurance subsidiaries and branches in Europe.”
Source: A.M. Best – www.ambest.com
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