A.M. Best Affirms Rating of Sorema Group.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--Aug. 23, 2001 A.M. Best Co. has affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the A (Excellent) financial strength rating of the Sorema Group, Paris, France, and removed the negative outlook. The group remains under review with developing implications. The rating action applies to Sorema S.A. in France and Sorema North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. 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 and its subsidiary, Fulcrum fulcrum: see lever. Insurance Company in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , and is based on improved 2000 financial results and new ownership by 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 . The ratings for the Sorema companies were placed under review in April 2001, following the announcement that SCOR Paris was in discussions with Groupama regarding the acquisition of Sorema. After all regulatory approvals were obtained, the acquisition was successfully closed at the end of July 2001. However, the ratings will remain under review pending the completion of the operational merger into the SCOR Group. A.M. Best will continue to be in contact with management and will monitor SCOR's progress in integrating the Sorema units. The rating action also applies to the rated subsidiaries, Rampart Insurance Company and Western Continental Insurance Company in the United States, which are still under the control of Groupama. The ratings of these companies will remain under review pending discussions with Groupama management on the continuing business strategy for these operations. 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 www.ambest.com. |
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