Best Affirms XL Bermuda P/C Unit Rating
A.M. Best Co. Inc. today [Feb.23] affirmed the “A” (excellent) financial strength ratings of Cayman Islands-based XL Group Ltd.’s property/casualty subsidiaries, the rating agency said Tuesday. The property/casualty units are led by Hamilton, Bermuda-based XL Insurance (Bermuda) Ltd.
Oldwick, New Jersey-based ratings agency Best also said it had assigned an “A” (excellent) financial strength rating to Zurich-based XL Insurance Switzerland Ltd.
In addition, it affirmed the property/casualty units’ “a” issuer credit ratings and assigned the same issuer credit rating to XL Insurance Switzerland. All of the ratings have a stable outlook.
Best said the rating affirmations “reflect the organisation’s continued operating profitability, excellent risk-based capitalisation and the de-risking of the group’s portfolio,” which it said are “directly attributable to XL’s enhanced risk management program and focus on underwriting as the key component of the company’s business strategy.”
XL Group P.L.C. announced this month that its 2010 net income was $585.4 million, up from $206.6 million in 2009.
