Standard & Poor’s Ratings Services affirmed its “A+” counterparty credit and financial strength ratings on Employers Reinsurance Corp. and affiliated insurance/reinsurance entities (collectively ERC). The outlook remains negative. S&P additionally affirmed its “A-” counterparty and senior debt ratings on GE Insurance Solutions Corp., an intermediary holding company that serves as ERC’s immediate parent, ultimately owned by General Electric Co.
S&P said ERC has a strong global reinsurance franchise, a moderately improving operating performance and a conservative investment portfolio. The ratings also reflect ERC’s position as a nonstrategic subsidiary of GE. Partially offsetting these factors is uncertainty in the group’s loss reserve position and a lower business mix diversification.
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