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(From Reinsurance)
Swiss Re has had its financial strength and counterparty credit ratings lowered by Standard & Poor's (S&P). The ratings have been cut from 'AA+' to 'AA', but S&P's outlook for the company remains stable. S&P said the rating downgrades "primarily reflect a re-evaluation of reinsurance industry risk and Swiss Re's position within that industry following the relative underperformance in its non-life underwriting profitability". It also said the rating reflected Swiss Re's "slower-than-expected recovery" in earnings.
Rating agency Fitch has affirmed its 'A-' Insurer Financial Strength rating of Lloyd's. It has also changed the rating outlook from negative to stable.
Rating agency Standard & Poor's has maintained insurer Gerling's BB+ under review financial strength rating, but expects to raise it once new capital commitments are made. S&P said it understood ...