OLDWICK, N.J. - (Business Wire)
A.M. Best Co. has withdrawn the financial strength rating (FSR) of B++ (Good) and issuer credit rating (ICR) of
“bbb+
” of
Revios Reinsurance Canada Ltd. (Revios Re) (Toronto, Canada) and assigned a category NR-5 (Not Formally Followed).
These rating actions reflect the current profile of Revios Re, whereby no life insurance business or reserves remain. At year-end 2007, the Canadian portfolio of Revios Re was transferred to the Canadian branch of SCOR Global Life S.E. (La Defense, France), and the U.S. branch portfolio was transferred to SCOR Global Life U.S. Re Insurance Company (SCOR Global Life) (Plano, TX).
A.M. Best also has withdrawn the FSR of A- (Excellent) and ICR of “a-” of SCOR Life Insurance Company (SCOR Life) (Plano, TX) and assigned a category NR-5 (Not Formally Followed).
These rating actions reflect a 2008 coinsurance transaction with SCOR Global Life whereby all insurance reserves were transferred. Additionally, SCOR Life was sold to an unaffiliated third party on July 1, 2008.
For Best’s Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.
A.M. Best Company
Analysts
Richard Baldwin, 908-439-2200, ext. 5123
richard.baldwin@ambest.com
or
William Pargeans, 908-439-2200, ext. 5359
william.pargeans@ambest.com
or
Public Relations
Jim Peavy, 908-439-2200, ext. 5644
james.peavy@ambest.com
or
Rachelle Morrow, 908-439-2200, ext. 5378
rachelle.morrow@ambest.com
