JANUARY 31, 2020 09:24 AM (EST)
AM Best Upgrades Credit Ratings of iptiQ Life S.A.
FOR IMMEDIATE RELEASE
LONDON - JANUARY 31, 2020 09:24 AM (EST)
The rating upgrades reflect sustained operational integration between iptiQ and the Swiss Re group, as well as the explicit support that iptiQ receives from the group through reinsurance protection and regular capital injections. iptiQ is important to the Swiss Re group, as it enables the group to pursue its strategy to grow direct life and health insurance business in Europe. The company is part of Swiss Re’s Life Capital business unit.
As iptiQ is now a member of Swiss Re’s lead rating unit, its ratings reflect Swiss Re’s balance sheet strength, which AM Best categorises as strongest, as well as its strong operating performance, very favourable business profile and very strong enterprise risk management.
iptiQ was established in 2014 in Luxembourg and currently operates through several branches in Europe. It underwrites primary life and health retail policies, which are sold on a “white-label” basis through various partners using innovative digital distribution technology. iptiQ has a limited market position currently and a concentrated portfolio in terms of geography and distribution partner, although AM Best expects diversification to improve in the medium term.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.