S&P’s placed all its long-term ratings, including its “A-” counterparty credit and insurer financial strength ratings, on France-based reinsurer SCOR and subsidiaries on CreditWatch with negative implications. The placement follows the reinsurer’s disappointing first quarter results, diminished business position and potential reserve strengthening down the line.
S&P will shortly meet with SCOR group management to resolve the CreditWatch placement. If, upon resolution of the CreditWatch placement, S&P decides to lower the ratings on SCOR and its subsidiaries, it is not expected that they will be lowered by more than one or two notches.
Was this article valuable?
Here are more articles you may enjoy.
PwC Confirms Cybersecurity Incident Involving Employee Learning Records 
Japan’s Cyberattack Surge Tests Its Push to Strengthen Defenses 
GM to Pay $220M to Settle Privacy Claims Over Sale of Driver Data to Insurers 
US Court Reinstates ‘Sunday Ticket’ Class Action Verdict Against NFL From This Issue
