S&P Assigns Swiss Re 'AA+' CCR, Sr Nts; Outlk Stable.
NEW YORK--(BUSINESS WIRE)--Standard & Poor's
April 9, 2001-- Standard & Poor's today assigned its double-'A'-plus counterparty credit and senior notes ratings to Swiss Re America Holding Corp. (SRAH) based on its status as a core holding company of Swiss Reinsurance Co., and following its assumption of the liabilities and debt obligations of Underwriters Re Group Inc.
The outlook is stable, also consistent with the group.
At the same time, Standard & Poor's removed from CreditWatch the rating on Underwriters Re Group Inc.'s senior notes, where it was placed in December 2000 with positive implications, and raised it to double-'A'-plus. The notes have a face value of $200 million and mature in 2006.
Standard & Poor's then withdrew the single-'A'-minus counterparty credit and senior debt ratings assigned to Underwriters Re Group Inc. at the existing level. This action also follows the transfer and assumption of substantially all of Underwriters Reinsurance Co.'s reinsurance liabilities to SRAH, valued at $979 million and the assignment of assets of equal value as of Jan. 1, 2001.
SRAH is the holding company for core operating company Swiss Reinsurance America Corp. and its subsidiaries, and Swiss Re Life & Health America Holding Co. and its subsidiaries.
Swiss Reinsurance America Corp. and Swiss Re Life & Health America Inc. are core insurers of Swiss Reinsurance Co. All three companies have a triple-'A' financial strength rating with a stable outlook.
Swiss Re America Corp. and Swiss Re Life & Health America Inc. are Security Circle insurers, which means that they voluntarily underwent Standard & Poor's most comprehensive analysis and were assigned ratings in one of the top four categories for financial security. -- CreditWire