What’s New: In Brief (December 15, 2009)

A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) of Swiss Reinsurance Company Ltd (Swiss Re) (Switzerland) and its subsidiaries.
“The ratings reflect Swiss Re’s strong risk-adjusted capitalization, very strong core operating results and resilient business profile as a globally diversified provider of reinsurance products,” A.M. Best says in a release.
“Somewhat offsetting these positive rating attributes is the exposure of Swiss Re’s overall risk-adjusted capitalization to the potential negative effects of the continuing uncertainty in the financial markets, the quality of its capital and the potential impact of soft market conditions on opportunities in the property/casualty global reinsurance market.
“The rating outlook reflects Swiss Re’s actions to reduce its risk profile and very strong fundamental underwriting profitability.”

Standard & Poor’s Rating Services has raised the insurer financial strength ratings of the core operating subsidiaries of Catlin Group Limited (‘CGL’: London Stock Exchange) to ‘A’ from ‘A-’.
“The rating and assessment upgrades primarily reflect the improved financial profile of the group,” Standard & Poor’s said in an announcement.
“The ratings and assessment also reflect Catlin’s strong competitive position, strong operating performance, strong capitalization and strong enterprise risk management.”
Specifically, Standard & Poor’s noted it had raised its assessment of Catlin’s enterprise risk management efforts to ‘Strong.’
“ERM is highly important to the ratings, given Catlin’s expanding risk profile,” S&P’s said. “The major factors supporting the assessment are a strong risk management culture, strong strategic risk management and strong controls for insurance and reserving risk.”