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New Starr unit gets 'A' rating from Best

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A.M. Best Co. Inc. has assigned an A financial strength rating to Starr International (Europe) Ltd., it said Monday.

SIEL is a new subsidiary of Starr International Reinsurance Ltd., which, in turn, is a subsidiary of Starr International Co. Inc.

SIEL was in March authorized by the U.K. insurance regulator, the Prudential Regulation Authority, to write property/casualty insurance.

This, Best said in a statement, enabled SIEL to write business previously written by the London branch of Starr International Reinsurance starting July 1, 2016.

SIEL has $100 million of capital and receives explicit support from Starr International Reinsurance in the form of a capital maintenance agreement, Best said.