New Starr unit gets 'A' rating from BestPosted On: Aug. 9, 2016 12:00 AM CST
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.