S&P Global Ratings has reaffirmed the financial strength and issuer credit ratings of China Re Group and its subsidiaries. The subsidiaries, which include China Re P&C, China Re Life, China Re HK, and Chaucer Insurance Company (CIC), have all maintained an “A” rating with a stable outlook.
The rating reflects China Re Group’s prominent position in China’s domestic reinsurance market. It also acknowledges the group’s diversified business operations, which have expanded overseas, and its capital status, which is in line with the current rating level.
Additionally, the rating highlights China Re Group’s unique role as a state-owned reinsurance entity and its significant contributions to the development of the Chinese insurance industry, particularly in the area of catastrophe insurance.
In other financial strength rating developments, AM Best also recently reaffirmed the financial strength rating of Legal & General Reinsurance Company No. 2 (L&G Re 2), a Bermuda-based reinsurer.
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