XL Capital Ltd. announced that Moody’s Investors Services had given its coveted Aa2 rating to two XL subsidiaries, XL Insurance Ltd. and XL Re, in what it said was a first for Bermuda-based companies. XL’s U.S. subsidiaries were also rated Aa2 by Moody’s.
XL said Moody’s had upgraded the the insurance financial strength ratings of XL Reinsurance America, Inc. [formerly NAC Re] and members of the intercompany reinsurance pool as a result of the “ongoing strategic coordination of XL’s US insurance and reinsurance operations together with XL Re Ltd and XL Insurance Ltd. in Bermuda.”
XL executives, led by CEO Brian M. O’Hara, were pleased by the move and expressed their opinion that it validated XL’s commitment to “superior risk management” and its efforts to to exit unprofitable lines, and restructure its insurance operations.
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