A.M. Best Co. has affirmed the financial strength rating of “A” (Excellent) and the issuer credit rating of “a” of Sweden’s Sirius International Insurance Corporation with a stable outlook. “The ratings reflect Sirius’ strong risk-adjusted capitalisation, improving operating performances and strong business profile in Scandinavia,” said Best. The ratings also factor the relationship with the ultimate parent company, White Mountains Insurance Group, Ltd.
Standard & Poor’s Ratings Services has withdrawn its ‘BBB’ counterparty credit and financial strength ratings on GuaranteedWeather Re Ltd. at the company’s request.
“We believe there are no weather derivative contracts in force,” explained S&P credit analyst James Brender. S&P also noted that “on April 19, 2007, Mitsui Sumitomo Insurance Co. Ltd. announced it had acquired GuaranteedWeather Trading Ltd.’s entire business but not GuaranteedWeather Re Ltd., which was retained by Ramsey Quantitative Systems Inc.”
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