Standard & Poor’s Ratings Services announced that it has assigned its ‘AAA’ financial strength rating and a stable outlook to AIG Europe (Netherlands) N.V.
According to S&P credit analyst Grace Osborne, the rating is based on explicit support in the form of a guaranty from American Home Assurance Co., a wholly owned subsidiary of American International Group Inc., which is also rated “AAA.”
S&P noted: “AIG Europe (Netherlands) N.V. is authorized by the Dutch regulator to offer insurance products in all lines of general insurance business. Through 2003, gross premiums of 229 million euros [$303 million] were written in property, liability, motor, accident and health, and marine.
“The company extensively uses reinsurance, affiliated and through external third parties, resulting in about 87 percent of premiums ceded in 2003 and expected to remain at a high level over the next three years. The company also has contributed equity of 28 million euros [$37 million] at year-end 2003.”
Osborne indicated that “the company’s strategy since it began operations as a separate legal entity in 1994 is to continue expanding its product offerings while remaining mindful of its profit-oriented underwriting culture.”
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