Best Assigns ‘a+’ Rating to Proposed Swiss Re Notes
A.M. Best Co. has assigned an “a+” rating to the proposed perpetual step up-loan notes (approximately USD 500 million issued in AUD) to be issued by ELM B.V., a bankruptcy remote repackaging vehicle based in the Netherlands. They are to be secured over perpetual subordinated step-up loan notes issued by Swiss Reinsurance Company. The rating outlook is negative.
The rating of this instrument reflects its deeply subordinated nature and the financial strength of the collateral obligor and guarantor, respectively. A.M. Best will credit these hybrid securities up to a limit of 20 percent of total adjusted capital.
Popular Today
- Florida’s Home Insurance Industry May Be Worse Than Anyone Realizes
- 4,800 Claims Handled by Unlicensed Adjusters in Florida After Irma, Lawsuit Says
- Jury Awards $80M to 3 Former Zurich NA Employees for Wrongful Termination
- Beyond the Claim: How Social Canvassing is Transforming Insurance Fraud Detection
Popular This Month
- California Sees Two More Property Insurers Withdraw From Market
- Millions of Recalled Hyundai and Kia Vehicles, With Dangerous Defect, Remain on Road
- Poll: Consumers OK with AI in P/C Insurance, but Not So Much for Claims and Underwriting
- California Chiropractor Sentenced to 54 Years for $150M Workers’ Comp Scheme