S&P upgrades Scor's financial strength rating to AA-

Standard & Poor's Corp. has upgraded Paris-based reinsurer Scor S.E.'s financial-strength rating to AA- from A+.

S&P said Monday that the upgrade reflects its view that the reinsurer has demonstrated a strong competitive position through resilience in pricing and technical profitability in its property/casualty business, as well as reinforcing a strong position in the U.S. life reinsurance market.

“We believe that the group has successfully withstood pricing pressures in the buyer's market in the property and casualty reinsurance industry and has also been able to defend its market share in the consolidating reinsurance sector thanks to prudent risk management and pricing discipline,” S&P said in a statement.