A.M. Best Revises Issuer Credit Rating Outlook to Stable for Subsidiaries of XL Group Ltd; Upgrades Issuer Credit Ratings of Catlin Insurance Company Ltd. and Its Subsidiaries
Additionally,
Furthermore,
The rating affirmations of XLs and the rating upgrades of CICL reflect A.M. Best’s reduced concern as it regards the integration progress of the XL Catlin acquisition that closed in
The upgrade of the legacy Catlin entities’ ICRs reflects A.M. Best’s view that, if needed, XL would support these entities in the same manner as XL’s ongoing P/C subsidiaries. Additionally,
Factors that could lead to a downgrade of the ratings include strained operating performance, outsized investment or catastrophe losses, or a significant drop in risk-adjusted capitalization. Factors that could lead to an upgrade of the ratings include a continuation of a sound and streamlined integration process, moderated debt and leverage measures and solid operating results coupled with strong risk-adjusted capitalization.
The ICR outlook has been revised to stable from negative and the FSR of A (Excellent) and the ICRs of “a+” have been affirmed. The outlook for the FSR remains stable for the following subsidiaries of XL Group Ltd:
-
XL Bermuda Ltd -
Indian Harbor Insurance Company -
Greenwich Insurance Company -
XL Insurance Company of New York, Inc. -
XL Insurance America, Inc. -
XL Select Insurance Company -
XL Reinsurance America Inc. -
XL Specialty Insurance Company -
XL Re Latin America Ltd -
XL Insurance Company SE -
XL Re Europe SE -
XL Insurance Switzerland Ltd
The ICRs have been upgraded to “a+” from “a” and the FSR of A (Excellent) has been affirmed. The outlooks for the ICRs have been revised to stable from positive, while the outlook for the FSR remains stable for the following subsidiaries of
-
Catlin Indemnity Company -
Catlin Insurance Company (UK) Ltd. -
Catlin Insurance Company Inc -
Catlin Re Switzerland Ltd -
Catlin Specialty Insurance Company
The outlooks have been revised to stable from negative, while the issue ratings have been affirmed for the following issue ratings:
--“bbb+” on
--“bbb+” on
--“bbb-” on
--“bbb+” on
--“bbb+” on
--“bbb+” on
--“bbb-” on
--“bbb” on
--“bbb” on
The outlooks have been revised to stable from negative, while the issue ratings for the following indicative issue ratings have been affirmed on shelf securities:
--“bbb+” on senior unsecured debt
--“bbb” on subordinated debt
--“bbb-” on preferred stock
The following issue ratings been upgraded and the outlook has been revised to stable from positive for the following securities of
--to “bbb+” from “bbb” on
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 see A.M. Best’s Recent Rating Activity web page.
Copyright © 2016 by A.M. Best Rating Services, Inc. ALL RIGHTS RESERVED.
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