AM Best Places Credit Ratings of iptiQ Life S.A. Under Review with Negative Implications
23 May 2024 - 9:17PM
Business Wire
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. For more
information, visit www.ambest.com.
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Jessica Botelho-Young, CA Associate Director,
Analytics +44 20 7397 0310
jessica.botelho-young@ambest.com
Christopher Sharkey Associate Director, Public
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Analytics +44 20 7397 0268 ghislain.lecam@ambest.com
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908 882 2318 al.slavin@ambest.com