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A.M. Best has upgraded the Issuer Credit Ratings (ICR) of SCOR SE and its main subsidiaries from “a” to “a+”. They have also affirmed the Financial Strength Ratings of “A” (Excellent). The outlook for all ratings is stable.
According to the rating agency, this decision reflects ”SCOR’s resilient performance in challenging market conditions, demonstrating strong enterprise risk management, particularly pertaining to investment risk management and prudent capital management”. A.M. Best further added: “SCOR's risk-adjusted capitalisation continues to remain resilient, with its balance between life and non-life reinsurance providing sound diversification and stability to earnings. Additionally, SCOR has further strengthened its global reinsurance presence during 2011, creating a sound platform to further expand its franchise.”
Denis Kessler, Chairman and Chief Executive Officer of SCOR, commented: “Following the recent upgrade by Fitch to “A+”, the new upgrade of SCOR’s ICR from “a” to “a+” by A.M. Best is another demonstration of the Group’s excellent position on the global reinsurance market. This upgrade clearly shows that SCOR is actively pursuing its strategic objectives, whilst respecting its cornerstones: strong franchise, controlled risk appetite, high diversification and robust capital shield”.
Fitch had upgraded the rating of SCOR SE and its subsidiaries for Insurer Financial Strength (IFS) and Long-term Issuer Default Ratings (IDRs) to “A+” with a “stable outlook” on 15 March 2012.
The A.M. Best press release is available on the agency’s homepage at the following address: http://www.ambest.com
