A.M. Best Withdraws Ratings of Swiss Re Frankona Rueckversicherungs-AG and Swiss Re Germany AG
OLDWICK, N.J.-(Business Wire)-September 25, 2009 - A.M. Best Co. has withdrawn the financial strength rating (FSR) of A (Excellent) and issuer credit rating (ICR) of “a” of Swiss Re Frankona Rueckversicherungs-AG. (Swiss Re Frankona). Additionally, A.M. Best has withdrawn the FSR of A (Excellent) and ICR of “a+” of Swiss Re Germany AG (Swiss Re Germany) (both domiciled in Germany). Concurrently, A.M. Best has assigned an NR-5 (Not Formerly Followed) to the FSRs and an “nr” to the ICRs of Swiss Re Frankona and Swiss Re Germany.
Each company’s reinsurance assets were transferred to Swiss Re Europe S.A. (Swiss Re Europe) (Luxembourg), a subsidiary of Swiss Reinsurance Company Ltd (Swiss Re) (Switzerland). These actions occurred on July 14, 2009 and are retroactive to January 1, 2009.
Swiss Re Frankona and Swiss Re Germany have ceased writing new reinsurance risks, as Swiss Re Europe now covers ongoing business previously written by each company.
For Best’s Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.
The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.
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