Standard & Poor’s Ratings Services has affirmed its ‘AA-‘ long-term insurer financial strength rating on U.S.-based non-life insurer Coregis Insurance Co., a member of the Swiss Re group, whose core entities are also rated “AA-” with a stable outlook, as is Coregis.
Concurrently S&P said it has withdrawn the ratings at the company’s request, “following the successful completion of Coregis’ merger with affiliate Westport Insurance Corp. (insurer financial strength rating ‘AA-‘/Stable).”
The rating action follows the “2006 acquisition of GE Insurance Solutions Corp. (now renamed Swiss Re Insurance Solutions Holding Corp.; A/Stable/–),” S&P explained. “The decision to merge these two entities is in line with Swiss Re’s ongoing initiative to streamline its global operations and simplify its legal structure.”
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