S&P Affirms Coregis ‘AA-‘ Rating; Withdrawn At Management Request

Standard & Poor’s Ratings Services has affirmed its ‘AA-‘ long-term insurer financial strength rating on U.S.-based non-life insurer Coregis Insurance Co., a member of the Swiss Re group, whose core entities are also rated “AA-” with a stable outlook, as is Coregis.

Concurrently S&P said it has withdrawn the ratings at the company’s request, “following the successful completion of Coregis’ merger with affiliate Westport Insurance Corp. (insurer financial strength rating ‘AA-‘/Stable).”

The rating action follows the “2006 acquisition of GE Insurance Solutions Corp. (now renamed Swiss Re Insurance Solutions Holding Corp.; A/Stable/–),” S&P explained. “The decision to merge these two entities is in line with Swiss Re’s ongoing initiative to streamline its global operations and simplify its legal structure.”