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.
Viewpoint: Insurance Broker Valuations – The Elephant in the Room 
Bessent Says Hormuz Ships Insurance Program to Start Soon 
More Insurance M&A Deals on the Horizon? 
Chubb: Cyber Claim Severity Nearly Doubled for Large Businesses 
