Moody's upgrades Converium Re North America

NEW YORK—Rating agency Moody's Investors Service has upgraded the insurance financial strength rating of Converium Holdings (North America) subsidiary, Converium Reinsurance (North America) Inc. to Baa3 from B2.

The rating action concludes Moody's review initiated on October 17, following an announcement by Zug Switzerland-based Converium Holdings that it would sell CHNA and its subsidiaries to National Indemnity Co., a subsidiary of Berkshire Hathaway Inc. The sale closed on December 14.

The upgrade of CRNA acknowledges implicit support from the new parent as well as the progress the company has made in running off its liabilities in the past two years, Moody's said in a statement.