S&P Applies Revised Insurance Criteria to 22 Reinsurers and Subs

By | May 24, 2013

Standard & Poor’s Ratings Services announced that it has reviewed its ratings on 22 large global reinsurance groups by applying its new ratings criteria for insurers, which were published on May 7, 2013. (See the Ratings List for the ratings on these reinsurers, their core and highly strategic subsidiaries, and other subsidiaries that we took rating actions on as a result of applying our new criteria to their parents.)

S&P said it would “publish analytical reports on the reinsurance groups identified below, including a list of ratings on affiliated entities, as well as the ratings by debt type–senior, subordinated, junior subordinated, and preferred stock. The articles will be available at www.standardandpoors.com/insurancecriteria and on RatingsDirect.com. Ratings on specific issues will be available on RatingsDirect and at www.standardandpoors.com .”

S&P said all of the ratings were affirmed, “except where a ‘from’ rating is indicated.” The reinsurers subject to the revisions and their subsidiary companies were listed as follows:

Markel Corp.
Counterparty Credit Rating BBB/Stable/–

Alterra Capital Holdings Ltd.
Alterra USA Holdings Ltd.
Alterra Capital Europe Ltd.
Alterra Capital UK Ltd.
Counterparty Credit Rating BBB+/Stable/–

Alterra America Insurance Co.
Alterra Bermuda Ltd.
Alterra Europe PLC
Alterra Excess & Surplus Insurance Co.
Alterra Reinsurance USA Inc.
Counterparty Credit Rating A/Stable/–
Financial Strength Rating A/Stable/–

Everest Re Group Ltd.
Everest Reinsurance Holdings Inc.
Counterparty Credit Rating A-/Stable/–

Everest Reinsurance (Bermuda) Ltd.
Everest Reinsurance Co. (Ireland) Ltd.
Everest Reinsurance Co.
Everest National Insurance Co.
Counterparty Credit Rating A+/Stable/–
Financial Strength Rating A+/Stable/–

Arch Capital Group Ltd.
Counterparty Credit Rating A-/Stable/–

Arch Excess & Surplus Insurance Co.
Arch Indemnity Insurance Co.
Arch Insurance Co.
Arch Insurance Co. (Europe) Ltd.
Arch Insurance Canada Ltd.
Arch Reinsurance Co.
Arch Reinsurance Europe Underwriting Ltd.
Arch Reinsurance Ltd.
Arch Mortgage Insurance Co. Ltd
Arch Specialty Insurance Co.
Counterparty Credit Rating A+/Stable/–
Financial Strength Rating A+/Stable/–

PartnerRe Ltd.
Counterparty Credit Rating A-/Stable/–

Partnerre America Insurance Company
Partner Re Ireland Insurance Ltd.
Financial Strength Rating A+/Stable/–

Partner Reinsurance Co. Ltd.
Partner Reinsurance Co. of U.S.
Partner Reinsurance Europe SE
Counterparty Credit Rating A+/Stable/–
Financial Strength Rating A+/Stable/–

Endurance Specialty Holdings Ltd.
Counterparty Credit Rating BBB+/Stable/–

Endurance Specialty Insurance Ltd.
American Agri Business Insurance Co.
Endurance American Insurance Co.
Endurance American Specialty Insurance Co.
Endurance Reinsurance Corp. of America
Endurance Risk Solutions Assurance Co.
Endurance Worldwide Insurance Ltd.
Counterparty Credit Rating A/Stable/–
Financial Strength Rating A/Stable/–

Alleghany Corp.
Counterparty Credit Rating BBB/Stable/–

To From
Transatlantic Holdings Inc.
Counterparty Credit Rating BBB/Stable/– BBB+/Stable/–

Transatlantic Reinsurance Co.
Fair American Insurance and Reinsurance Co.
Trans Re Zurich
Counterparty Credit Rating A+/Stable/–
Financial Strength Rating A+/Stable/–

Allied World Assurance Company Holdings AG
Counterparty Credit Rating BBB+/Stable/–

Allied World Assurance Co. Ltd
Allied World Assurance Co. (Europe) Ltd.
Allied World Assurance Co. (Reinsurance) Ltd.
Allied World Assurance Co. U.S. Inc.
Allied World National Assurance Co.
Allied World Insurance Co.
Counterparty Credit Rating A/Stable/–
Financial Strength Rating A/Stable/–

Allied World Assurance Company AG
Financial Strength Rating A/Stable/–

Platinum Underwriters Holdings Ltd.
Counterparty Credit Rating BBB/Stable/–

Platinum Underwriters Bermuda Ltd.
Platinum Underwriters Reinsurance Inc.
Counterparty Credit Rating A-/Stable/–
Financial Strength Rating A-/Stable/–

To From
Maiden Holdings Ltd.
Maiden Holdings North America Ltd. (US)
Counterparty Credit Rating BBB-/Negative/– BBB-/Stable/–

Maiden Insurance Company Ltd. (Bermuda)
Maiden Reinsurance Co.
Counterparty Credit Rating BBB+/Negative/– BBB+/Stable/–
Financial Strength Rating BBB+/Negative/– BBB+/Stable/–

Validus Holdings Ltd.
Counterparty Credit Rating BBB+/Stable/–

Validus Reinsurance Ltd.
Financial Strength Rating A/Stable/–
RenaissanceRe Holdings Ltd.
Counterparty Credit Rating A/Stable/–

Renaissance Reinsurance Ltd.
Renaissance Reinsurance of Europe
Counterparty Credit Rating AA-/Stable/–
Financial Strength Rating AA-/Stable/–

To From
DaVinci Re Holdings Ltd.
Counterparty Credit Rating A/Stable/– BBB+/Stable/–

DaVinci Reinsurance Ltd.
Counterparty Credit Rating AA-/Stable/– A+/Stable/–
Financial Strength Rating AA-/Stable/– A+/Stable/–

Montpelier Re Holdings Ltd.
Counterparty Credit Rating BBB/Stable/–

Montpelier Reinsurance Ltd.
Counterparty Credit Rating A-/Stable/–
Financial Credit Rating A-/Stable/–

Lancashire Holdings Ltd.
Counterparty Credit Rating BBB/Stable/–

Lancashire Insurance Co. Ltd.
Lancashire Insurance Co. (UK) Ltd.
Counterparty Credit Rating A-/Stable/–
Financial Strength Rating A-/Stable/–

Amlin PLC
Counterparty Credit Rating BBB+/Stable/–

Amlin AG
Counterparty Credit Rating A/Stable/–
Financial Strength Rating A/Stable/–

Aspen Insurance Holdings Ltd.
Counterparty Credit Rating BBB+/Stable/–

Aspen Bermuda Ltd.
Aspen Insurance U.K. Ltd.
Counterparty Credit Rating A/Stable/–
Financial Strength Rating A/Stable/–

Catlin Insurance Co. Inc.
Catlin Insurance Co. Ltd.
Catlin Insurance Co. (U.K.) Ltd.
Catlin Re Switzerland
Catlin Speciality Insurance Co.
Counterparty Credit Rating A/Stable/–
Financial Strength Rating A/Stable/–

Hiscox Insurance Co. Ltd.
Counterparty Credit Rating A/Stable/–
Financial Strength Rating A/Stable/–

Hannover Rueck SE
Counterparty Credit Rating AA-/Stable/–
Financial Strength Rating AA-/Stable/–

E+S Rueckversicherung AG
Hannover Life Reassurance (U.K.) Ltd.
Hannover Life Reassurance Bermuda Ltd.
Hannover Life Reassurance Co. of America
Hannover Life Reassurance of Australasia Ltd.
Hannover Re (Ireland) PLC
Hannover Re Bermuda Ltd.
International Insurance Co. of Hannover Ltd.
Counterparty Credit Rating AA-/Stable/–
Financial Strength Rating AA-/Stable/–

Munich Reinsurance Co.
Counterparty Credit Rating AA-/Stable/–
Financial Strength Rating AA-/Stable/–

DKV Deutsche Krankenversicherung AG
ERGO Lebensversicherung AG
ERGO Versicherung AG
Great Lakes Reinsurance (U.K.) PLC
Great Lakes Reinsurance (U.K.) PLC (Australia Branch)
Munich American Reassurance Co.
Munich Re of Malta PLC
Munich Reinsurance America Inc.
American Alternative Insurance Corp.
Princeton Excess & Surplus Lines Insurance Co.
Munich Reinsurance Co. of Australasia Ltd.
Munich Reinsurance Co. of Canada
New Reinsurance Co.
Counterparty Credit Rating AA-/Stable/–
Financial Strength Rating AA-/Stable/–

Munich Reinsurance Co. of Africa Ltd.
Munich Mauritius Reinsurance Co. Ltd.
Counterparty Credit Rating A-/Negative/–
Financial Strength Rating A-/Negative/–

ERGO Versicherungsgruppe AG
Counterparty Credit Rating A/Stable/–

Munich Re America Corp.
Counterparty Credit Rating A-/Stable/–

Society of Lloyd’s (The)
Counterparty Credit Rating A+/Positive/–

Lloyd’s
Lloyd’s Insurance Co. (China) Ltd.
Underwriters at Lloyds of London, Illinois
Underwriters at Lloyds of London, Kentucky
Financial Strength Rating A+/Positive/–

SCOR SE
Counterparty Credit Rating
Local currency A+/Stable/A-1
Counterparty Credit Rating
Foreign currency A+/Stable/–
Financial Strength Rating A+/Stable/–

SCOR Global P&C Ireland Ltd.
SCOR Switzerland AG
Counterparty Credit Rating A+/Stable/–
Financial Strength Rating A+/Stable/–

General Security Indemnity Co. of Arizona
General Security National Insurance Co.
Prevoyance Re
SCOR Africa Ltd.
SCOR Canada Reinsurance Co.
Scor Global Life Americas Reinsurance Company
SCOR Global Life Australia Pty Ltd.
SCOR Global Life Reinsurance Ireland Ltd.
Sweden Reinsurance Co. Ltd.
SCOR Global Life SE
SCOR Global P&C SE
SCOR Insurance (UK) Ltd.
SCOR Perestrakhovaniye
SCOR Reinsurance Asia-Pacific
SCOR Reinsurance Co.
SCOR Reinsurance Co. (Asia) Ltd.
SCOR U.K. Co. Ltd.
Scor Global Life Re Insurance Company of Texas
Scor International Reinsurance Ireland Ltd.
Financial Strength Rating A+/Stable/–

Swiss Reinsurance Co. Ltd.
Counterparty Credit Rating AA-/Stable/A-1+
Financial Strength Rating AA-/Stable/–
Financial Enhancement Rating AA-

Swiss Re International SE
North American Capacity Insurance Co.
North American Elite Insurance Co.
North American Specialty Insurance Co.
Swiss Reinsurance America Corp.
Westport Insurance Corp.
Swiss Re Europe S.A.
Swiss Re Life & Health Australia Ltd.
Swiss Re Life & Health America Inc.
Counterparty Credit Rating AA-/Stable/–
Financial Strength Rating AA-/Stable/–

Swiss Reinsurance Co. (Australian Branch)
Financial Strength Rating AA-/Stable/–

European Reinsurance Co. of Zurich
Counterparty Credit Rating AA-/Stable/A-1+
Financial Strength Rating AA-/Stable/–

Swiss Re Europe Holdings S.A.
SwissRe Finance (Bermuda) Ltd.
Swiss Re GB Ltd.
Counterparty Credit Rating –/–/A-1

Swiss Re Life & Health America Holding Co.
Swiss Re Solutions Holding Corp.
Counterparty Credit Rating A/Stable/–

Swiss Re Financial Products Corp.
Counterparty Credit Rating AA-/Stable/A-1+

Swiss Re Corporate Solutions Ltd.
Counterparty Credit Rating AA-/Stable/A-1+
Financial Strength Rating AA-/Stable/A-1+

Swiss Re America Holding Corp.
Counterparty Credit Rating A/Stable/A-1

Source: Standard & Poor’s

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