Fitch Ratings placed the “AA” long-term issuer rating of GE Global Insurance Holdings Corp. (GE Global) and the “AAA” insurer financial strength rating of Employers Reinsurance Corp. (ERC), GE Global’s main operating subsidiary, on Rating Watch Negative.
Fitch believes that ERC is increasingly being viewed as a strategic rather than core operation of General Electric (GE), ERC’s ultimate parent company. The rating action reflects this view coupled with a recent volatile operating performance by ERC that has weakened it’s financial profile when viewed on a “stand alone” basis and has made GE’s support increasingly important to maintaining ERC’s “AAA” rating.
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