A.M. Best Affirms Credit Ratings of XL Group Ltd, Its Property/Casualty Subsidiaries and XLIT Ltd.
In addition,
Furthermore,
The rating affirmations reflect
Partially offsetting these positive rating factors is XLB’s exposure to large severity events and the current soft pricing stage of the underwriting cycle. Additionally, investment returns continue to be muted by low interest rates and financial market variability.
Factors that could lead to an outlook revision or rating upgrade include moderate debt and leverage measures at the ultimate parent level and solid operating results coupled with strong risk-adjusted capitalization.
Factors that could lead to an outlook revision or rating downgrade include negative operating performance trends, not limited to outsized catastrophe losses, accompanied by a significant reduction in risk-adjusted capitalization.
The FSRs of A (Excellent) and the Long-Term ICRs of “a+” have been affirmed with stable outlooks for the following subsidiaries of
-
XL Bermuda Ltd -
Catlin Indemnity Company -
Catlin Insurance Company (UK) Ltd. -
Catlin Insurance Company Ltd. -
Catlin Insurance Company, Inc. -
Catlin Re Switzerland Ltd -
Catlin Specialty Insurance Company -
Greenwich Insurance Company -
Indian Harbor Insurance Company -
XL Insurance America, Inc. -
XL Insurance Company SE -
XL Insurance Company of New York, Inc. -
XL Insurance Switzerland Ltd -
XL Re Europe SE -
XL Reinsurance America Inc. -
XL Seguros Mexico, S.A. de C.V. -
XL Select Insurance Company -
XL Specialty Insurance Company
The following Long-Term IRs have been affirmed with stable outlooks:
--“bbb+” on
--“bbb+” on
--“bbb+” on
--“bbb+” on
--“bbb+” on
--“bbb” on
--“bbb” on
--“bbb-” on
--“bbb-” on
The following indicative Long-Term IRs have been affirmed on shelf securities, with stable outlooks:
--“bbb+” on senior unsecured debt
--“bbb” on subordinated debt
--“bbb-” on preferred stock
The following Long-Term IR has been affirmed with a stable outlook for the following securities of
--“bbb+” on
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.
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