Standard & Poor’s upgrades Helvetia’s rating to ‘A+’ with stable outlook
The rating agency S&P Global Ratings (S&P) has upgraded the rating of Helvetia Group to ‘A+’ and assigned a stable outlook. The positive rating action by S&P recognises Helvetia’s strong business position, where the European foothold has been further strengthened by the recent acquisition of Spanish insurance group Caser. The Group’s focus on solid capitalisation as well as Helvetia’s sound underlying profitability, particularly in the non-life business, further contributed to the assessment. Annelis Lüscher Hämmerli, Group CFO at Helvetia, is pleased with the S&P decision: “The upgrade reflects Helvetia’s ambition to continuously expand its strategic positioning with the segments Switzerland, Europe and Specialty Markets while maintaining a focus on strong capitalisation levels.” Adding further: “The rating acknowledges, amongst others, also the Group’s ability to integrate large operations swiftly and it underlines Helvetia’s proven underwriting capabilities.” The rating upgrade benefits the following rated entities of Helvetia Group:Helvetia Swiss Life Insurance Company Ltd – to ‘A+’Helvetia Swiss Insurance Company Ltd – to ‘A+’Helvetia Assurances SA – to ‘A+’ on a guaranteed basis
SCOR welcomes Standard and Poor’s decision to confirm its Financial Strength Rating of ‘AA-’ with ‘stable’ outlook
SCOR has been informed of Standard and Poor’s (S&P) decision to affirm the Group’s Financial Strength Rating of ‘AA-’ with ‘stable’ outlook.
S&P had lowered its outlook on the entire reinsurance sector from ‘stable’ to ‘negative’ in the spring of 2020, a decision that was maintained in September 2020 as S&P asserted that the sector would not earn its cost of capital due to COVID-19 losses, lower investment returns, increasingly expensive retrocession, high losses due to natural catastrophes, and lower Property & Casualty reserve releases.
In this challenging environment, SCOR demonstrated its ability to absorb the shock of the pandemic, to continue to grow, to maintain its profitability and to strengthen its solvency even further.
SCOR is well positioned in the emerging post-Covid era: (1) the pandemic is declining across the world thanks to vaccination campaigns; (2) the positive phase of the P&C reinsurance cycle is ongoing; and (3) interest rates are trending upwards.
Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: “We welcome Standard & Poor’s decision to affirm SCOR’s financial rating. This decision testifies to the strength of the Group’s operating performance, the depth of its franchise throughout the world, its shock-absorbing capacity and the very high level of solvency it offers to its clients.”