Best’s News & Research Service - March 21, 2019 01:31 PM (EDT)
AM Best Withdraws Credit Ratings of MAPFRE GLOBAL RISKS, Compañía Internacional de Seguros y Reaseguros S.A.
- March 21, 2019 01:31 PM (EDT)
London //BestWire// - AM Best has withdrawn the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” of MAPFRE GLOBAL RISKS, Compañía Internacional de Seguros y Reaseguros S.A. (MAPFRE GR) (Spain). MAPFRE GR is a subsidiary of MAPFRE S.A. (MAPFRE) (Spain).
The withdrawal follows the authorisation received from Spain’s Ministry of Economy and Finance (the Ministry), effective 6 March 2019, for the total spin-off of MAPFRE GR in favour of MAPFRE España, Compañía de Seguros y Reaseguros S.A., MAPFRE RE, Compañía de Reaseguros S.A., MAPFRE Global Risk Agencia de Suscripción, and Servifinanzas, S.A.U., as part of the restructuring of the MAPFRE group’s global risk operations.
Concurrently, MAPFRE GR’s authorisation to conduct insurance and reinsurance activities has been revoked by the Ministry. As a result, AM Best has not completed a final rating opinion.
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 Understanding 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.
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