Standard & Poor’s Ratings Services has assigned its “AA-” long-term counterparty credit and insurer financial strength ratings to Ireland-based Wagram Insurance Co. Ltd., the wholly owned captive insurer of French state owned utility Electricité de France S.A. (rated “AA-“/Negative – …
In separate announcements, Australia’s QBE Group and France’s AXA SA said they have reached an agreement for QBE to acquire Winterthur’s US operations, principally General Casualty and Unigard, for US$1.156 billion (€883 million). As part of the deal Winterthur US …
Standard & Poor’s Ratings Services indicated that its ratings on France’s AXA Group, including Winterthur Swiss, and Australia’s QBE won’t be affected by the sale of Winterthur’s US-based business to QBE (See related article). Concerning AXA and its core subsidiaries, …
Standard & Poor’s Ratings Services has raised its long-term counterparty credit and financial strength ratings on Switzerland’s Winterthur Swiss Insurance Co. by two notches to “A+” from “A-“, following the completion of the acquisition by France’s AXA Group. S&P rates …
A.M. Best Co. has affirmed the financial strength rating (FSR) of “A+” (Superior) and the issuer credit rating (ICR) of “aa-” of France’s AGF Group and the ICR of “a-” of the group’s non-operating holding company Assurance Generales de France …
Romania and Bulgaria, two of Europe’s poorest countries, officially became members of the European Union on New Year’s Day, bringing the total to 27. Celebrations in Bucharest and Sofia greeted the two countries’ new status. The EU now numbers nearly …
A.M. Best Co. has assigned debt ratings of “bbb-” to the $24 million senior secured term A loans and “bb+” to the $40 million senior secured term B, both due December 2009, of Triomphe Re. The issuer is a newly …
France’s SCOR group noted that it has successfully sponsored a new catastrophe bond. The French reinsurer entered into a multi-year property catastrophe retrocession agreement with Atlas Reinsurance III p.l.c., a special purpose reinsurance company incorporated under the laws of Ireland …
A.M. Best Co. has affirmed the financial strength rating of “A+” (Superior) and the issuer credit ratings of “aa-” of German-based Allianz Societas Europaea (Allianz SE) and its subsidiaries. Best also affirmed the debt ratings of “aa-” on senior debt …
France’s AXA Group announced that it has completed the sale of its subsidiary AXA RE’s business to Paris Re Holdings. The transaction closed on December 21, 2006. AXA first revealed plans for the restructuring in April, when it received a …
