A.M. Best Affirms Ratings of Revios Reinsurance U.S. Inc.; Downgrades Ratings of Revios Reinsurance Canada Ltd.OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating (FSR (Free System Resource) In Windows 3.x, the amount of unused memory in various 64K blocks reserved for managing current applications. Every open window takes some space in this area. See Windows memory limitation. ) of A- (Excellent) and the issuer credit rating (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) of "a-" of Revios 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. U.S. Inc. (Revios Re U.S.) (Los Angeles, CA). Concurrently, A.M. Best has downgraded the FSR to B++ (Very Good) from A- (Excellent) and the ICR to "bbb+" from "a-" of Revios Re U.S.'s affiliate, Revios Reinsurance Canada Ltd. (Revios Re Canada) (Toronto, Canada). The outlook for all ratings is stable. Revios Re U.S. and Revios Re Canada operate as the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. marketing arms of Revios Rueckversicherung AG (Cologne, Germany) and benefit from 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. support from the German parent, which has good risk-adjusted capitalization and a strong reputation in the European life reinsurance marketplace. The affirmation of Revios Re U.S.' ratings reflect the recent retrocession with an unaffiliated party, which will provide long-term standalone capital support to Revios Re U.S. at a level A.M. Best expects will accommodate future life reinsurance business growth. The downgrading of Revios Re Canada's rating is based on several factors, including a reduced capital position following capital repatriation Repatriation The process of converting a foreign currency into the currency of one's own country. Notes: If you are American, converting British Pounds back to U.S. dollars is an example of repatriation. to the parent; nominal historical earnings coupled with a 2005 operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. ; and A.M. Best's expectation of modest future premium volume. In addition, the ratings acknowledge management's continued focus on its core life reinsurance business and the challenges management has encountered in maintaining simultaneous marketing momentum in both the United States and Canada, given the highly competitive nature of the reinsurance business in both countries. For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. 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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