S&P affirmed its ‘A-‘ counterparty credit and financial strength ratings on Rhine Reinsurance Co. Ltd. and Rhine Reinsurance (Bermuda) Ltd., known collectively as the Rhine Re Group (Rhine Re). The outlook on S&P’s counterparty credit rating was revised from stable to negative.
In a separate rating action, the ‘A’ claims paying ability rating of Imperial Fire & Marine Reinsurance Company Ltd. was placed on Rating Watch-Uncertain by DCR.
The rating actions came subsequent to announcements that Imperial Re had entered into a definitive agreement to be purchased by Rhine Re.
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