Moody's rates Scor VIE - Insurance Post

- By Insurance Post Staff
- 01 May 2005
- Indicative reading time: 1 minute

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Moody's Investors Service has assigned a Baa2 insurance financial strength rating (IFSR) to Scor VIE...

Moody's Investors Service has assigned a Baa2 insurance financial strength rating (IFSR) to Scor VIE, the wholly-owned life & accident reinsurance subsidiary of Scor, which has a Baa2 IFSR. The rating outlook, in line with that of Scor, is positive.

The rating agency said that the assignment of the Baa2 IFSR reflects its opinion that Scor VIE is a core operation of Scor. Moody's added that Scor VIE's consolidated gross premium written (GPW) in 2004 of around EUR1.2bn represents almost 50% of the Scor Group's total 2004 GPW.

The ratings agency said that Scor VIE is currently a global top-ten player in a market where barriers to entry are relatively high, and that it has an experienced senior management team that has worked as a unit for around seven years, has a well-balanced and recurring book of business and no financial leverage.

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