In separate rating actions, Standard & Poor’s (S&P) recently affirmed the counterparty credit ratings and FSRs on the following companies: XL Insurance Ltd. (XLI) and its wholly owned subsidiary, XL Europe Ltd.; and XL Re Ltd. The rating actions reflect the core status of XLI and XL Re Ltd. with respect to parent company XL Capital Ltd. (XLC).
In addition, the “AA” counterparty credit ratings and FSRs on XL Reinsurance America Inc. (XLRA) and two of its subsidiaries, Greenwich Ins. Co. and Indian Harbor Ins. Co., were affirmed. The same ratings were assigned to two other XLRA subsidiaries, XL Insurance Co. of New York and XL Specialty Ins. Co. The five operating units are known collectively as the XL America Pool (XLAP).
The rating action reflects the strategic fit of each of the pool members within the infrastructure of the ultimate parent, XLC. The “A” issuer credit and senior debt ratings on XLRA’s parent, Nac Re Corp., were also affirmed. The rating outlook is stable.
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