A.M. Best Co. has upgraded the issuer credit ratings (ICR) to "a+" from "a" and affirmed the financial strength rating (FSR) of A (Excellent) of the non-life North American operating subsidiaries of SCOR SE (SCOR) (France): SCOR Reinsurance Company (New York, NY), SCOR Canada Reinsurance Company (Toronto, Ontario) and General Security Indemnity Company of Arizona (New York, NY). A.M. Best also has upgraded the FSR to A (Excellent) from A- (Excellent) and the ICR to "a+" from "a-" of General Security National Insurance Company (New York, NY).
The outlook for all ratings is stable.
The rating upgrades reflect the resilient capitalization and strengthened global reinsurance business profile of SCOR and its subsidiaries. Furthermore, the upgrades reflect the group's strong operating performance and enterprise risk management in challenging market conditions. SCOR's North American domiciled property and casualty subsidiaries provide geographic diversification for SCOR by providing access to the United States, Canada, Latin America and Caribbean.
Although the outlook for SCOR's North American non-life subsidiaries is currently stable, positive rating triggers could include continued strong operating profitability and maintenance of strong risk-adjusted capitalization. Negative rating triggers could include outsized catastrophe or investment losses in conjunction with a decline in risk-adjusted capitalization.
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Key criteria utilized include: "Risk Management and the Rating Process for Insurance Companies"; "Understanding BCAR for Property/Casualty Insurers"; "Rating Members of Insurance Groups"; "Catastrophe Analysis in A.M. Best Ratings"; and "Insurance Holding Company and Debt Ratings." Best's Credit Rating Methodology can be found at ambest.com/ratings/methodology.
A.M. Best Company is an insurance rating and information source.
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