AM Best has affirmed the B++ (very good) financial strength rating for SCOR and its key subsidiaries.
It said the action removes the ‘under review’ status of the ratings assigned to SCOR on 10 September 2003.
The rating outlook is stable.
It said the rating reflected SCOR’s very good prospective capitalisation, improving trends in underlying performance, actions taken to mitigate the risks associated with Commercial Risks Partners (Bermuda), and the company’s credit derivatives portfolio, as well as strong support from its core clients in continental European markets.
Offsetting factors are recent volatility in reserves and the impact that the company’s recent performance has had on its profile in certain markets, said the ratings agency.
