A.M. Best Upgrades Ratings of SCOR S.E.’s North American Operating Subsidiaries
A.M. Best Co. has upgraded the financial strength rating (FSR) to A (Excellent) from A- (Excellent) and the issuer credit rating (ICR) to “a” from “a-”of the life and non-life North American operating subsidiaries of SCOR S.E. (SCOR) (La Defense, France). These rating actions apply to SCOR Global Life U.S. Re Insurance Company (Plano, TX), SCOR Global Life Reinsurance Company of America (Wilmington, DE), SCOR Global Life Re Insurance Company of Texas (Plano, TX), SCOR Reinsurance Company (New York, NY), SCOR Canada Reinsurance Company (Toronto, Ontario), Investors Insurance Corporation (Wilmington DE) and General Security Indemnity Company of Arizona (Phoenix, AZ).
In addition, A.M Best has affirmed the FSR of A- (Excellent) and the ICR of “a-” General Security National Insurance Company (New York, NY). The outlook for all ratings has been revised to stable from positive.
The rating upgrades reflect the implicit and explicit support of the North American subsidiaries’ ultimate parent, SCOR (as well the strong stand alone business profile and improving operating performance of the North American subsidiaries). The North American subsidiaries benefit from SCOR’s resilient risk-adjusted capital, stable operating performance and excellent business profile in both non-life and life reinsurance markets, while providing geographic diversity to the SCOR group.
The principal methodology used in determining these ratings is http://www.ambest.com/ratings/methodology/bcrm.pdf, which provides a comprehensive explanation of A.M. Best’s rating process and highlights the different rating criteria employed. Additional key criteria utilized include: “Risk Management and the Rating Process for Insurance Companies”; “Understanding BCAR for Property/Casualty Insurers” and “Rating Members of Insurance Groups.” Methodologies can be found at http://www.ambest.com/ratings/methodology.
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