A.M. Best Assigns Ratings to XL Re Europe Limited.OLDWICK, NEW JERSEY Oldwick is an unincorporated area within Tewksbury Township in Hunterdon County, New Jersey, United States. The area is served as United States Postal Service ZIP Code 08858. As of the United States 2000 Census, the population for ZIP Code Tabulation Area 08858 was 177. , U.S.A. -- A.M. Best Co. has assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. a financial strength rating of A+ (Superior) and an issuer credit rating of "aa-" to XL Re Europe Limited (XL Re Europe) (Dublin, Ireland). The outlook for both ratings is stable. The rating assignments reflect XL Capital Limited's (Bermuda) [NYSE NYSE See: New York Stock Exchange : XL] recent announcement that it has received approval for a new, fully licensed European 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 based in Dublin, established with $1.5 billion of capital and surplus. XL Re Europe will serve as XL Capital Group's (Bermuda) European reinsurance platform, forming two new branches in the United Kingdom and France to facilitate the assumption of business previously underwritten by the U.K. branch of XL Re Ltd and XL Re Europe SA (France). Based on the historical performance of XL Capital's European businesses and the financial projections provided to A.M. Best by XL Re Europe, its risk-adjusted capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. and continuing business position in the European market warranted the assignment of the current ratings. For 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. , an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. For current Best's Ratings, independent data and analysis on more than 330 reinsurance companies, please visit 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 www.ambest.com. |
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