Standard & Poor’s Ratings Services today said it withdrew its ‘A’ long-term insurer financial strength ratings on reinsurance companies SCOR Global Life Rueckversicherung Schweiz AG and SCOR Rueckversicherung (Deutschland) AG.
The withdrawals follow the mergers of SCOR Global Life Rueckversicherung Schweiz AG into SCOR Holding Switzerland (not rated) and SCOR Rueckversicherung (Deutschland) AG into SCOR Global Life SE (A/Positive). Prior to its merger, SCOR Global Life Rueckversicherung Schweiz AG transferred its business to the Zurich branch of SCOR Global Life SE.
SCOR Holding Switzerland and SCOR Global Life SE are both subsidiaries of France-based reinsurance group SCOR SE (SCOR). The mergers reflect SCOR’s efforts to streamline the group’s structure. In our view, these operations have no impact on the rating on SCOR Global Life SE.
Source : S&P Press Release