Standard & Poor’s Ratings Services announced that it has affirmed its “AA-” counterparty credit and financial strength ratings on Toa Reinsurance Co. of America, reaffirmed its negative outlook, and said it considers the company to be a core subsidiary of its Japanese parent, Toa Reinsurance Co. (Toa Tokyo).
The bulletin noted that as a result, Toa Re America has the same ratings as its parent. “The ratings reflect the company’s very strong capital adequacy, good to strong operating performance in most years, consistent strategy, and good growth prospects,” stated S&P credit analyst Jason A. Jones. “Partially offsetting these strengths are Toa Re America’s modest scale of operations and some moderate adverse loss development that has depressed profitability levels since 2003.”
S&P said it “expects Toa Re America’s operating performance to improve from recent weaker-than-expected results as the company benefits from good market conditions in liability lines through at least 2005.”
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