A.M. Best Co. has assigned a rating of “a+” to the £500 million ($986.5 million) perpetual step up-loan notes issued by ELM B.V., which it described as a “bankruptcy remote repackaging vehicle based in the Netherlands.” The notes are also secured over perpetual subordinated step-up loan notes issued by Swiss Reinsurance Company.
“The rating of this instrument reflects its deeply subordinated nature and the financial strength of the collateral obligor and guarantor, respectively,” said Best.
The rating agency also indicated it would “credit these hybrid securities up to a limit of 20 percent of total adjusted capital.”
Was this article valuable?
Here are more articles you may enjoy.
Kin Moves Into Florida and Texas With Home-Auto Bundle Products 
Grandson Not Covered Under Grandma’s Home Insurance 
Beazley Rejects Zurich Insurance’s £7.7 Billion Takeover Bid 
LA Fire Survivors Got a Rude Surprise That Could Hit More Americans 
