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OLDWICK, N.J.—A.M. Best Co. upgraded the issuer credit rating for the nonlife North American units of Paris-based reinsurer SCOR S.E on Wednesday.
Citing SCOR’s recent financial performance, the rating agency moved its issuer credit rating to a+ from a for the North American SCOR nonlife operating subsidiaries. Oldwick, N.J.-based Best also affirmed the North American units’ “excellent” financial strength rating.
“The rating upgrades reflect the resilient capitalization and strengthened global reinsurance business profile of SCOR and its subsidiaries,” Best said in a statement. “Furthermore, the upgrades reflect the group’s strong operating performance and enterprise risk management in challenging market conditions. SCOR’s North American domiciled property/casualty subsidiaries provide geographic diversification for SCOR by providing access to the United States, Canada, Latin America and Caribbean.”
PARIS—SCOR S.E. said Monday that average rates for nonlife reinsurance business that it renewed in June and July increased slightly more than 2%.