Clarendon Insurance Group Receives A+ Rating from Standard & Poor's.Business Editors NEW YORK--(BUSINESS WIRE)--April 24, 2003 Clarendon Insurance Group, the leader in program business insurance, today announced that credit rating agency A credit rating agency (CRA) is a company that assigns credit ratings for issuers of certain types of debt obligations. In most cases, these issuers are companies, cities, non-profit organizations, or national governments issuing debt-like securities that can be traded on a Standard & Poor's has assigned an "A+" rating to the company and its subsidiaries and removed it from CreditWatch. The "A+" rating is based on Clarendon's strategic significance as parent company Hannover Re Hannover Re (FWB: HNRGn), in German Hannover Rückversicherung AG, with gross premium of around €9 billion in 2006, is one of the five largest reinsurance groups in the world. Its headquarters are in Hanover, Germany. Group's primary North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. platform, and an important contributor to the group's 2002 earnings. An earlier report from S&P also cited Clarendon's focused business strategy, strong capitalization, enhanced risk controls, and sound revenue growth. "S&P's strong A+ rating validates Clarendon's leadership position in program business, solid financial assets Financial assets Claims on real assets. and focused business approach," said Detlef Steiner, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Clarendon Insurance Group. "The Standard & Poor's rating also reaffirms our commitment to applying rigorous risk controls, and the focus we have on structuring profitable and long lasting strategic programs with our partners." Clarendon Insurance Group is one of the four main strategic operations of Hannover Re, the fifth-largest professional reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. in the world. Clarendon is focused exclusively on the North American marketplace and is comprised of Clarendon National Insurance Co., Clarendon America Insurance Co., and Redland Insurance Co. Clarendon is the leader in program business - a specialty of the U.S. insurance market representing a transaction of narrowly defined, homogeneous segments of primary insurance. For additional information on Clarendon Insurance Group, visit www.clarendon-ins.com |
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