Two global firms have both received positive rating actions from A.M. Best.
The global ratings agency removed
Swiss Re and
Munich Re's “under review” status with positive implications; upgraded their long-term issuer credit ratings (long-term ICR) from “aa-” to “aa”; and affirmed their “A+” (Superior) financial strength ratings (FSR).
Most of Munich Re's A.M. Best-rated subsidiaries, including Great Lakes Insurance SE and New Reinsurance Company, and Swiss Re's affiliates, including Swiss Re Asia and Swiss Re Europe, also had their “aa-” long-term ICR upgraded to “aa” and their “A+”, FSR affirmed.
A stable outlook was assigned to the ratings.
A.M. Best said the upgrades, as analysed using the updated Best's Credit Rating Methodology (BCRM), were reflective of the firms' balance sheet strength, which the ratings agency categorised as the “strongest,” as well as their “strong operating performance, very favourable business profile, and very strong enterprise risk management.”
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