Best’s News & Research Service - May 23, 2024 03:49 PM (EDT)
AM Best Places Credit Ratings of iptiQ Life S.A. Under Review with Negative Implications
- May 23, 2024 03:49 PM (EDT)
//BestWire// - AM Best has placed under review with negative implications the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa” (Superior) of iptiQ Life S.A. (Luxembourg). The entity is a subsidiary of Swiss Re Ltd. (Swiss Re).
These Credit Ratings (ratings) have been placed under review with negative implications following Swiss Re’s announcement on 16 May 2024 that it plans to withdraw from iptiQ business. The ratings are expected to remain under review until AM Best has assessed the impact of this strategic change on iptiQ Life S.A.’s rating fundamentals.
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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.