Following its rating actions on the parent company, France’s SCOR SE, A.M. Best has upgraded the issuer credit ratings (ICR) to “a+” from “a” and affirmed the financial strength rating (FSR) of ‘A’ (Excellent) of the group’s non-life North American operating subsidiaries: SCOR Reinsurance Company (New York, NY), SCOR Canada Reinsurance Company (Toronto, Ontario) and General Security Indemnity Company of Arizona, also based in New York. Best has also upgraded the FSR to ‘A’ (Excellent) from ‘A-’ (Excellent) and the ICR to “a+” from “a-” of New York-based General Security National Insurance Company.
In addition Best upgraded the issuer credit ratings to “a+” from “a” and affirmed the financial strength rating of ‘A’ (Excellent) of the North American life operating subsidiaries of SCOR SE (collectively referred to as SCOR U.S.): Delaware-based SCOR Global Life Americas Reinsurance Company (formerly known as SCOR Global Life U.S. Re Insurance Company) and SCOR Global Life Re Insurance Company of Texas.
The outlook for all of the ratings is stable.
As far as the P/C ratings are concerned Best explained that the “rating upgrades reflect the resilient capitalization and strengthened global reinsurance business profile of SCOR and its subsidiaries.
“Furthermore, the upgrades reflect the group’s strong operating performance and enterprise risk management in challenging market conditions. SCOR’s North American domiciled property and casualty subsidiaries provide geographic diversification for SCOR by providing access to the United States, Canada, Latin America and Caribbean.”
Best also indicated that, although the outlook for SCOR’s North American non-life subsidiaries is currently stable, “positive rating triggers could include continued strong operating profitability and maintenance of strong risk-adjusted capitalization.
“Negative rating triggers could include outsized catastrophe or investment losses in conjunction with a decline in risk-adjusted capitalization.”
Source: A.M. Best