The outlook for all ratings is stable.
The upgrading of the ICRs for
The ratings of
Partially offsetting these positive rating factors includes the execution risk regarding completion of the TARe integration, competition in the North American life reinsurance market and historical volatility in
The group is well positioned at its current rating level. Factors that could lead to future negative rating actions include a material decline in capital, a change in
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of
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