A.M. Best Assigns Ratings to iptiQ Life S.A.

LONDON--(BUSINESS WIRE)-- A.M. Best has assigned a financial strength rating (FSR) of A (Excellent) and an issuer credit rating (ICR) of “a+” to iptiQ Life S.A. (Luxembourg) (iptiQ Life), the ultimate parent of which is Swiss Re Ltd (Swiss Re). The outlook assigned to both ratings is stable.

iptiQ Life was established in 2014. Effective 1 January 2016, the Swiss Re group will create a new division, Swiss Re Life Capital, to focus on primary life and health insurance. As part of this division, iptiQ Life is expected to play an important part in Swiss Re’s long term plans to grow its individual life and health business.

The ratings primarily reflect the expectation that the Swiss Re group will provide support to iptiQ Life, when required. iptiQ Life benefits from explicit support in the form of 90% quota share reinsurance protection. The Swiss Re group has injected total capital of EUR 43 million into the company and further capital injections are expected over the next few years to support growth and cover start-up costs. iptiQ Life also benefits from considerable operational and risk management support from the Swiss Re group.

In addition, the ratings reflect the expectation that iptiQ Life will maintain adequate standalone risk-adjusted capitalisation. Losses in its start-up phase, due to high expenses, are expected to be offset by regular capital injections from the Swiss Re group. The company will underwrite primary life insurance, with a focus on biometric risk products, through distribution partnerships.

In accordance with Regulation (EC) No. 1060/2009, the following is a link to required disclosures: A.M. Best Europe - Rating Services Limited Supplementary Disclosure.

This press release relates to rating(s) 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 visit A.M. Best’s Ratings & Criteria Center.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

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Source: A.M. Best Company