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Moody’s raised the outlook on the “A2” Insurer Financial Strength Rating (IFSR) of SCOR SE and its main subsidiaries from “stable” to “positive” today.
According to the rating agency, this decision reflects “SCOR’s good franchise, diverse book of reinsurance business, excellent asset quality, and relatively low financial leverage. Furthermore, the Group’s senior management has demonstrated a consistent business strategy.”
Moody’s had previously upgraded SCOR SE’s rating to “A2” on 4 December 2008.
As a reminder, Fitch raised the outlook on the “A” rating of SCOR SE and its main subsidiaries from “stable” to “positive” on 24 August 2010, AM Best upgraded the Insurer Financial Strength rating of SCOR SE and its main subsidiaries from “A-” to “A” (Excellent) on 10 September 2010, and Standard & Poor’s raised the outlook on the “A” rating of SCOR SE and its main subsidiaries to “positive” on 1 October 2010.
Denis Kessler, Chairman & Chief Executive Officer of SCOR, commented: “For SCOR, this decision by Moody’s is further recognition of the Group’s performance and strength. The four agencies following SCOR have each made positive decisions on our rating in barely one and a half months. This exceptional succession of positive assessments by the rating agencies notably bears witness to SCOR’s high level of solvency. These rating upgrades will encourage SCOR to resolutely implement the strategic “Strong Momentum” plan, which will cover the next three years. One of the plan’s objectives is to provide an “AA” level of solvency”.
The Moody’s press release is available on the rating agency’s website: http://www.moodys.com
