Best’s News & Research Service - January 19, 2017 12:06 PM (EST)
A.M. Best Assigns Credit Ratings to Calpe Insurance Company Limited
- January 19, 2017 12:06 PM (EST)
London //BestWire// - A.M. Best has assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of “aa-” to Calpe Insurance Company Limited (Calpe) (Gibraltar). The outlook assigned to these Credit Ratings (ratings) is stable.
Calpe is a wholly owned subsidiary of Transatlantic Reinsurance Company (TransRe), a leading global professional reinsurer based in the United States and part of Alleghany Corporation.
The ratings of TransRe were extended to Calpe due to the explicit support provided through internal reinsurance by a sister company, TransRe London Limited, in the form of a 50% to 80% variable quota share reinsurance agreement, as well as a guarantee from TransRe of Calpe’s minimum capitalisation levels. TransRe is expected to provide future support to Calpe if required. Calpe’s operations are closely integrated with those of the TransRe group. In addition, Calpe benefits from solid stand-alone risk-adjusted capitalisation and a track record of positive, albeit modest, operating results.
Calpe was established in 2010, and its principal activity is the underwriting of niche private and small commercial vehicle business in the U.K. on a co-insurance basis, and through managing general agents.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.
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