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Fitch has raised to “positive” the outlook on the ’A+’ rating of SCOR SE and its main subsidiaries. This reflects, according to Fitch, “SCOR’s improved profitability, strong solvency and financial leverage for its risk profile”.
According to the rating agency, SCOR’s ratings are also supported by “significant business and risk diversification. The ratings also take into account the group’s consistent and comprehensive strategy, cautious investment policy and solid business position.”
Fitch had previously upgraded SCOR SE’s rating to “A+” on 15 March 2012 with a “stable outlook”.
Denis Kessler, Chairman & Chief Executive Officer of SCOR, commented: “We are delighted by Fitch’s move. Given the challenges facing the reinsurance industry today, this positive step reaffirms SCOR’s unique and differentiated position in the market and is a testament to our strict adherence to our twin profitability and solvency targets and strong emphasis on risk management. This recognition is also a pleasing indication of progress, coming nearly one year after the launch of our “Optimal Dynamics” strategic plan. SCOR’s unbroken record of positive rating moves now extends to nine years.”
The Fitch press release is available on the homepage of the rating agency’s website at the following address: http://www.fitchratings.com
