A.M. Best Comments on Rating of Mapfre Re.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--Dec. 5, 2003 Note to Editors: Corrected version of 12/04/03 Mapfre Re press release A.M. Best Co. has commented on the financial strength rating of A+ (Superior) of Mapfre Re, Compania de Reaseguros S.A. (Spain Spain, Span. España (āspä`nyä), officially Kingdom of Spain, constitutional monarchy (2005 est. pop. 40,341,000), 194,884 sq mi (504,750 sq km), including the Balearic and Canary islands, SW Europe. ) (Mapfre Re). The financial strength rating remains unchanged following an announcement by Mapfre Re concerning an approved capital increase of EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 150 million (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 181 million) to be carried out in the first four months of 2004 through a rights issue. This will be primarily through a capital contribution from its largest shareholder, Corporacion Mapfre (current share of 83.3%). The capital injection is in line with A.M. Best's growth expectations for Mapfre Re, which includes new business in its core Spanish-speaking Adj. 1. Spanish-speaking - able to communicate in Spanish communicatory, communicative - able or tending to communicate; "was a communicative person and quickly told all she knew"- W.M.Thackeray markets, in addition to expansion in Europe and 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. . The rating outlook remains positive. 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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