Standard & Poor's (S&P) first affirmed the ratings on two subsidiaries of French reinsurer SCOR: Bermuda-based Commercial Risk Reinsurance and Vermont-domiciled Commercial Risk Re-Insurance (collectively, CRP) and then withdrew the ratings at the group's request.
The ratings agency had originally given CRP a financial strength rating of ‘BBB+'.
The insurer financial strength ratings on the CRP companies, which have been in runoff since 2002, remain based on full and unconditional payment obligation guarantees issued to their policyholders by SCOR, the ratings agency said.
The guarantees remain in place and are unaffected by the ratings withdrawal.