S&P Withdraws GenRe UK’s Ratings After Restructuring
Standard & Poor’s Ratings Services has withdrawn its ‘AA+’ counterparty credit and financial strength ratings on General Reinsurance UK Ltd. (GRUK).
“This rating action follows the transfer of all assets and liabilities of GRUK to an affiliate, the U.K. branch of General Reinsurance AG (GRAG; formerly Cologne Re), and the dissolution of GRUK, which occurred on Nov. 30, 2010,” S&P explained.
“General Reinsurance Corp. has issued a guarantee for in-force GRUK business transferred to GRAG. The guarantee replaces a preexisting guarantee that covered GRUK’s past and ongoing business. General Re took these actions as part of an ongoing initiative to simplify its business structure.”
Source: Standard & Poor’s
Popular Today
- Insurer Chubb Prepares to Pay $350M in Baltimore Bridge Collapse
- Florida’s Home Insurance Industry May Be Worse Than Anyone Realizes
- Work Safety Group Releases List of ‘Dirty Dozen’ Employers
- Apollo Accused in Lawsuit of Illegal Human Life Wagering Scheme
Popular This Month
- Millions of Recalled Hyundai and Kia Vehicles, With Dangerous Defect, Remain on Road
- CoreLogic Report Probes Evolving Severe Convective Storm Risk Landscape
- California Chiropractor Sentenced to 54 Years for $150M Workers’ Comp Scheme
- Poll: Consumers OK with AI in P/C Insurance, but Not So Much for Claims and Underwriting