Fitch Ratings announced that it has assigned an “A” insurer financial strength rating to Imagine International Reinsurance Limited with a positive outlook.
“Imagine International is a Dublin-based, wholly owned subsidiary of Imagine Insurance Company Limited (Imagine), whose ‘A’ insurer financial strength rating was affirmed on Sept. 9, 2004 and whose Rating Outlook was changed to Positive from Stable at that time,” said Fitch.
The rating agency said it “considers Imagine International, which commenced operations in May 2001 to help service the European clients of Imagine, to be a strategic subsidiary of Imagine based on business synergies, common management, common branding, and shared resources. Imagine also provides explicit support to Imagine International through a net worth maintenance agreement.”
The bulletin noted: “Imagine is a Barbados-based general insurance company that was formed in and began conducting business in late 2000. Imagine is the principal subsidiary of Imagine Group Holdings Limited (together, the Imagine Group), a Bermuda-based insurance holding company formed in conjunction with Imagine. The Imagine Group’s primary investor is the Canadian-based Brascan Corporation through its Brascan Financial Corporation subsidiary.”
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