S&P Withdraws GenRe UK’s Ratings After Restructuring

Standard & Poor’s Ratings Services has withdrawn its ‘AA+’ counterparty credit and financial strength ratings on General Reinsurance UK Ltd. (GRUK).

“This rating action follows the transfer of all assets and liabilities of GRUK to an affiliate, the U.K. branch of General Reinsurance AG (GRAG; formerly Cologne Re), and the dissolution of GRUK, which occurred on Nov. 30, 2010,” S&P explained.

“General Reinsurance Corp. has issued a guarantee for in-force GRUK business transferred to GRAG. The guarantee replaces a preexisting guarantee that covered GRUK’s past and ongoing business. General Re took these actions as part of an ongoing initiative to simplify its business structure.”

Source: Standard & Poor’s