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January 03, 2013 at 09:18 AM EST
A.M. Best Withdraws Ratings of Hannover Life Reassurance (UK) Limited
A.M. Best Europe – Rating Services Limited has withdrawn the financial strength rating of A+ (Superior) and issuer credit rating of “aa-” of Hannover Life Reassurance (UK) Limited (Hannover Life UK) (United Kingdom) following its conversion into a branch of its parent company, Hannover Rueckversicherung AG (Germany). The rationale for the conversion is to improve Hannover Life UK’s capital efficiency and to enhance its service offering to clients.
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Key criteria utilised include: “Risk Management and the Rating Process for Insurance Companies”; “Understanding BCAR for Life/Health Insurers”; and “Rating Members of Insurance Groups”. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
In accordance with Regulation (EC) No. 1060/2009, the following is a link to required disclosures: A.M. Best Europe - Rating Services Limited Supplementary Disclosure.
A.M. Best Europe – Rating Services Limited is a subsidiary of A.M. Best Company. Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.
Arianna Brina, +(44) 207 397 0330
Associate Financial Analyst
Anandi Nangy-Kotecha, +(44) 207 397 0271
Rachelle Morrow, +(1) 908 439 2200, ext. 5378
Senior Manager, Public Relations
Jim Peavy, +(1) 908 439 2200, ext. 5644
Assistant Vice President, Public Relations
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