A.M. Best upgrades credit ratings of SCOR SE subsidiaries

A.M. Best Co. has upgraded its issuer credit ratings (ICR) to ‘a+’ from ‘a’ and affirmed the financial strength rating (FSR) of A (Excellent) of the non-life North American operating subsidiaries of SCOR SE (SCOR) (France).

Subsidiaries include SCOR Canada Reinsurance Company (Toronto, Ontario), SCOR Reinsurance Company (New York, NY) and General Security Indemnity Company of Arizona (New York, NY).

A.M. Best also has upgraded the FSR to A (Excellent) from A- (Excellent) and the ICR to “a+” from “a-” for General Security National Insurance Company (New York, NY).

The outlook for all ratings is stable.

“The rating upgrades reflect the resilient capitalization and strengthened global reinsurance business profile of SCOR and its subsidiaries,” A.M. Best concluded in a press release. “Furthermore, the upgrades reflect the group’s strong operating performance and enterprise risk management in challenging market conditions. SCOR’s North American domiciled property and casualty subsidiaries provide geographic diversification for SCOR by providing access to the United States, Canada, Latin America and Caribbean.”