A.M. Best Affirms Rating of SCOR Canada Reinsurance Company; Assigns Issuer Credit Rating.OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating of B++ (Very Good) of SCOR SCOR Scientific Committee on Oceanic Research SCOR Supply Chain Operations Reference model SCOR Small Corporate Offering Registration SCOR Specialized Center of Research (White Plains, NY) SCOR Second Cousin Once Removed Canada Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Company (SCOR Re Canada) (Toronto). Concurrently, A.M. Best has assigned an issuer credit rating of "bbb+" to SCOR Re Canada. The outlook for both ratings is positive. These ratings reflect SCOR Re Canada's good capitalization, favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. operating performance and market profile. The ratings also reflect A.M. Best's view that SCOR Re Canada is a core operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. of its parent, SCOR Group (Group) (Paris, France). A.M. Best has refined its view of core as outlined in its updated methodology on rating members of insurance groups. (See Rating Members of Insurance Groups at http://www.ambest.com/ratings/membergroups.pdf.) SCOR Re Canada is a prominent property/casualty reinsurance company in Canada. The company has maintained a favorable operating performance that has resulted in a favorable return on equity over the years. This performance has been the primary source of generated capital. In addition, SCOR Re Canada has historically benefited from the financial flexibility and explicit and implicit support from the Group. Partially offsetting these positive rating factors is that SCOR Re Canada will be challenged going forward to maintain its positive underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. trend in light of market softening, overall lack of diversification outside the Group in respect to its retrocession RETROCESSION, civil law. When the assignee of heritable rights conveys his rights back to the cedent, it is called a retrocession. Erskine, Prin. B. 3, t. 5, n. 1; Dict. do Jur. h.t. arrangements. Moreover, SCOR Re Canada maybe adversely impacted by further reserve development at the Group level. For a list of A.M. Best's debt ratings, please visit http://www.ambest.com/debt. For current Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. , independent data and analysis on more than 470 reinsurance companies, please visit http://www.ambest.com/reinsurance/. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at http://www.ambest.com. |
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