AM Best has affirmed the financial strength rating of B++ (very good) and issuer credit rating of “bbb+” of Converium AG and its main subsidiaries.
The outlook for all ratings remains stable.
AM Best said Converium's ratings reflected its very good risk-adjusted capitalisation, a gradual anticipated recovery in performance and good client retention in its core markets in Continental Europe.
However, it added that the continuing potential for reserve volatility and some uncertainty as to strategic direction caused by the absence of executive managers in certain key company roles were acting as offsetting factors.
