Standard & Poor’s removed from CreditWatch and affirmed its “A-” counterparty credit and financial strength ratings on Folksamerica Reinsurance Co. (FRC). These ratings had been placed on CreditWatch with negative implications on Jan. 19, 2000. The outlook is negative.
The ratings reflect FRC’s extremely strong capital position and good, though modest, business position compared with its larger peers in the U.S. reinsurance marketplace. Mitigating these positive factors is FRC’s marginal operating performance over the last two years.
FRC’s ultimate parent is White Mountains Insurance Group Inc. (WMIG, “BBB+” senior unsecured debt rating on CreditWatch negative), which is in the process of acquiring the CGU Insurance Pool (CGU US).
Was this article valuable?
Here are more articles you may enjoy.
New Jersey Employers Should Prepare Now for Oct. 1 Independent Contractor Rule 
State Farm to Increase Claims Workforce by 3,000 
Florida OIR Orders Unlicensed RRG to Cease and Desist After Owners Arrested 
AXA XL Launches Insurance Company, AXA XL E&S 
