SCOR welcomes A.M. Best’s decision to confirm its Financial Strength Rating of ‘A+ Superior’ and its Issuer Credit Rating of ‘aa-’
A.M. Best has decided to affirm SCOR’s Financial Strength Rating of ‘A+ (Superior)’ and its Long-Term Issuer Credit Rating of ‘aa-’.
According to A.M. Best, this decision reflects “SCOR’s balance sheet strength, which A.M. Best categorises as very strong, as well as its strong operating performance, very favourable business profile and very strong enterprise risk management.”
Indeed, A.M. Best recognises that “SCOR’s balance sheet strength is underpinned by risk-adjusted capitalisation that exceeds the level required to support the strongest assessment, as measured by Best’s Capital Adequacy Ratio.” A.M. Best expects “risk-adjusted capitalisation to be maintained at the strongest level prospectively, supported by SCOR’s conservative investment portfolio and robust retrocession programme designed to shield its capital base.”
The agency concludes that “SCOR is a top tier global reinsurer”. With its “internationally recognised franchise […] SCOR is well-positioned to benefit from improving property/casualty reinsurance market conditions and positive pricing momentum.”
Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: “We welcome A.M. Best’s decision to affirm SCOR’s ratings. This decision further testifies to the soundness of our strategy as a Tier 1 global reinsurer and the resilience of our business model to shocks. We are entering the renewal season with confidence. SCOR is well positioned to accelerate its growth in a supportive market environment, benefiting from positive pricing dynamics and improving terms and conditions in P&C reinsurance, while consolidating its position in the top tier of the Life reinsurance market.”
The A.M. Best press release is available on the agency’s homepage at the following address: http://www.ambest.com.
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