Insurance ratings agency AM Best has withdrawn its financial strength rating of A-minus (Excellent) for Swedish reinsurer Folksam International following its sale to Fund American Reinsurance Company.
Folksam International consists of the reinsurance operations of Swedish mutual insurer Folksam. It now carries an AM Best NR-5 (not formally followed) rating.
The rating also applies to the company's branch offices in London and Singapore.
Fund American Reinsurance is a new company set up by the White Mountains Insurance Group of Bermuda.
Folksam has approximately 3,200 employees and 90 offices throughout Sweden. The company says it insures almost 2 million Swedish family homes and every fourth car in the country.
