A.M. Best Co. said its financial strength rating of A+ (Superior) of Spanish reinsurer Mapfre Re, Compania de Reaseguros S.A. remains unchanged following an announcement by the company that it had approved a capital increase of 150 million euros ($181 million). Best also maintained the company’s stable rating outlook.
Mapfre Re plans to raise the funds in the first four months of 2004 through a rights issue. “This will be primarily through a capital contribution from its largest shareholder, Corporacion Mapfre (current share of 83.3%),” said the bulletin.
“The capital injection is in line with A.M. Best’s growth expectations for Mapfre Re, which includes new business in its core Spanish-speaking markets, in addition to expansion in Europe and the United States,” it concluded.
Was this article valuable?
Here are more articles you may enjoy.
North Carolina Becomes First State to Pass Outright Ban on Litigation Financing 
The Fidelis Partnership Launches US SME Casualty Reinsurance MGA 
St. Pete Mayor Accepts $275M Bid to Redevelop Tropicana Field Area for Housing 
Florida Supreme Court Ruling Could Mean New Pressure to Settle High-Dollar Lawsuits 
