A.M. Best provides further recognition of SCOR’s financial strength
A.M. Best has revised the outlook of SCOR and its main subsidiaries to “positive” from “stable”, as well as affirming the financial strength rating (FSR) of “A” (Excellent) and the issuer credit ratings (ICR) of “a+”.
A.M. Best has revised the outlook of SCOR and its main subsidiaries to “positive” from “stable”, as well as affirming the financial strength rating (FSR) of “A” (Excellent) and the issuer credit ratings (ICR) of “a+”. With regard to SCOR’s debt instruments, A.M. Best has also revised the outlook to positive from stable and affirmed the issue ratings.
According to the rating agency, this decision reflects “the Group’s track record of solid earnings and stability in risk-adjusted capitalisation despite the prevailing competitive market conditions”.
A.M. Best also recognises that “SCOR has strengthened its competitive position within the global reinsurance market”, adding that the Group’s “strong business profile allows SCOR to effectively manage local and global reinsurance market cycles, which should be particularly beneficial over the coming years as the industry confronts an increasingly challenging operating environment.”
The rating agency based its decision on SCOR’s “consistently improving” underwriting profitability, its “strengthened” risk-adjusted capitalisation, “strong level of financial flexibility” and “excellent enterprise risk management framework and conservative risk appetite […].” Moreover, it highlighted the Group’s “sophisticated capital management tools, which are fully integrated into the operational and strategic decision-making processes of the group”.
Denis Kessler, Chairman and CEO of SCOR, comments: “A.M Best’s decision is a new illustration of the strengthened financial security that SCOR brings to its clients, particularly in the current market environment. This positive outlook reinforces the two recent upgrades received from Fitch Ratings and S&P*, and confirms SCOR as a Tier 1 global reinsurer”.
The A.M. Best press release is available on the agency’s homepage at the following address: http://www.ambest.com