XL Re Europe Ltd. given A+ rating by A.M. Best Co.

DUBLIN, Ireland—Rating agent A.M. Best Co. Inc has assigned a financial strength rating of A+ to XL Re Europe Ltd. based in Dublin, the Republic of Ireland.

The rating action follows the announcement by Hamilton, Bermuda-based XL Capital Ltd. that it had received approval for a new, fully licensed European reinsurance company.

The company—which was established with $1.5 billion (€1.2 billion) of capital and surplus—will serve as XL Capital Group's (Bermuda) European reinsurance platform, forming two new branches in the United Kingdom and France to assume the business previously underwritten by the U.K. branch of XL Re Ltd and XL Re Europe S.A. (France).

The outlook for the financial strength rating was said to be stable.