AM Best has assigned a financial strength rating of “A+” (superior) and an issuer credit rating of “aa-” to XL Capital's newly formed European reinsurance platform - XL Re Europe. The outlook for both ratings is stable.
The new reinsurer, to be based in Dublin, was established with $1.5bn of capital and surplus.
XL Re Europe will form two new branches in the UK and France to facilitate the assumption of business previously underwritten by the UK branch of XL Re Ltd and XL Re Europe SA (France).
AM Best said the rating was based on the historical performance of XL Capital's European businesses and the financial projections provided to the ratings agency by XL Re Europe, its risk-adjusted capitalisation and continuing business position in the European market.
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