S&P Afrms AAA Rtgs on Swiss Re America;Otlk To Stable.Business Editors LONDON--(BUSINESS WIRE)--Standard & Poor's March 28, 2001--Standard & Poor's today 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 triple-'A' ratings on Swiss 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. America Corp. (Swiss Re Swiss Re is the world’s largest reinsurer, now that it has acquired GE Insurance Solutions (Ligi 2006). Founded in 1863, Swiss Re now operates in more than 30 countries. General Electric owns 8.9% of the firm. America) and core related entities, and revised the outlook on those ratings to stable from negative (see list below for full details of Swiss Re Group rating actions). These actions mirror those for all core operating companies operating company A business that engages in transactions with outsiders. within Swiss Re Group (Swiss Re) and reflect that nonlife earnings prospects have improved significantly in recent months. (See press release on Swiss Re Group, issued earlier today.) At the same time, the triple-'A' counterparty Counterparty The other participant, including intermediaries, in a swap or contract. credit and insurer financial strength ratings on Life Reassurance REASSURANCE. When an insurer is desirous of lessening his liability, he may procure some other insurer to insure him from loss, for the insurance he has made this is called reassurance. Corp. of America (Life Re) are withdrawn, following the merger of Life Re and Swiss Re Life & Health America, Inc. While the Life Re legal entity is the successor company, it has been renamed Swiss Re Life & Health America Inc., and continues to be rated triple-'A' based on its core status to Swiss Re. The double-'A'-plus counterparty credit rating on Life Re Corp. was also affirmed. Life Re Corp. is a core holding companies of Swiss Re Group and guarantor guarantor n. a person or entity that agrees to be responsible for another's debt or performance under a contract, if the other fails to pay or perform. (See: guarantee) GUARANTOR, contracts. He who makes a guaranty. 2. of the double-'A'-minus rated trust preferred notes issued by Life Re Capital Trust I and Life Re Capital Trust II. The single-'A'-minus rating on Underwriters Re Group Inc. (URG URG Urgent URG Utility Retained Generation (utility industry) URG Urogastrone URG University Research Grant URG You Are Gay URG Underway Replenishment Group URG University Research Glassware (Chapel Hill, NC) ) remains on CreditWatch with positive implications, following the May 10, 2000 acquisition of URG by Swiss Re. Swiss Re intends to assume all of URG obligations under the Senior Notes due 2006 into a core holding company, at which time the rating of those notes is expected to be raised to double-'A'-plus. The double-'A'-minus counterparty credit and insurer financial strength ratings on Underwriters Reinsurance Co (URC URC - Uniform Resource Citation (previously Universal). ) are affirmed, and removed from CreditWatch with positive implications, where they were placed on Dec. 6, 1999, following the announcement of URC's acquisition by Swiss Re. The outlook is stable. Almost all of the insurance obligations written by URC are being transferred to Swiss Re America with effect from Jan. 1, 2001. Following the completion of this transfer, the rating 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. to URC is expected to be withdrawn at the current level. Swiss Re America is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Swiss Re, and also writes policies through its three wholly owned operating companies, North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Specialty Ins. Co. (NAS (1) See network access server. (2) (Network Attached Storage) A specialized file server that connects to the network. A NAS device contains a slimmed-down operating system and a file system and processes only I/O requests by supporting the popular ), North American Capacity Ins. Co., and North American Elite Ins. Co. During 2001, the insurance obligations of URG primary companies will be assumed by NAS, Standard & Poor's said. ---CreditWire RATINGS ASSIGNED Swiss Reinsurance Co. New: Short-term counterparty credit rating A-1+ OUTSTANDING RATINGS AFFIRMED Swiss Reinsurance Co. European Reinsurance Co. of Zurich Swiss Re Life & Health America, Inc. Reassure America Life Insurance Co. SR International Business Insurance Co. Ltd. Swiss Re Australia Ltd. Swiss Re Australia Ltd. (New Zealand Branch) Swiss Re Italia SpA Swiss Re Life & Health Australia Ltd. Swiss Re Life & Health Canada Swiss Re Life & Health Ltd. Swiss Re Life & Health Nederland Swiss Reinsurance America Corp. North American Capacity Insurance Co. North American Elite Insurance Co. North American Specialty Insurance Co. Swiss Reinsurance Co. (Australian Branch) Swiss Reinsurance Co. of Canada Swiss Reinsurance Co. UK Ltd. Bayerische Ruckversicherung AG Bavarian Reinsurance Ireland Ltd. Insurer financial strength ratings AAA Swiss Reinsurance Co. Junior subordinated debt AA Algemene Levensherverzekering Maatschappij N.V Counterparty credit rating AA-/Stable/-- Insurer financial strength rating AA- Life Re Capital Trust I Preferred stock* AA- Life Re Capital Trust II Preferred stock* AA- *Guaranteed by Life Re Corp. Midland Life Insurance Co. (The) Counterparty credit rating A+/Watch Pos/-- Insurer financial strength rating A+/Watch Pos Swiss Re Financial Products Corp. Commercial paper(4) A-1+ (4)Guaranteed by Swiss Reinsurance Co. Underwriters Re Group, Inc. Counterparty credit rating A-/Watch Pos/-- Senior unsecured debt A-/Watch Pos RATINGS AFFIRMED: OUTLOOKS REVISED TO STABLE FROM NEGATIVE Swiss Reinsurance Co. European Reinsurance Co. of Zurich Swiss Re Life & Health America Inc. Reassure America Life Insurance Co. SR International Business Insurance Co. Ltd. Swiss Re Australia Ltd. Swiss Re Italia SpA Swiss Re Life & Health Australia Ltd. Swiss Re Life & Health Canada Swiss Re Life & Health Ltd. Swiss Re Life & Health Nederland Swiss Reinsurance America Corp. North American Capacity Insurance Co. North American Elite Insurance Co. North American Specialty Insurance Co. Swiss Reinsurance Co. Canada Swiss Reinsurance Co. UK Ltd. Bayerische Ruckversicherung AG Bavarian Reinsurance Ireland Ltd. Counterparty credit rating AAA/Stable Life Re Corp. Counterparty credit rating AA+/Stable/-- RATINGS AFFIRMED AND REMOVED FROM CREDITWATCH WITH POSITIVE IMPLICATIONS Underwriters Reinsurance Co. Counterparty credit rating AA-/Stable/-- Insurer financial strength rating AA- RATINGS WITHDRAWN Life Reassurance Corp. of America Insurer financial strength rating AAA RATING OUTLOOK REVISED TO STABLE FROM NEGATIVE AND RATING WITHDRAWN Life Reassurance Corp. of America Counterparty credit rating AAA Copyright 2001, Standard & Poor's Ratings Services Ratings Service A company, such as Moody's or Standard & Poor's, that rates various debt and preferred stock issues for safety of payment of principal, interest, or dividends. |
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