All material subject to strictly enforced copyright laws. © 2021 Insurance Insider is part of Euromoney Institutional Investor PLC.
Accessibility | Terms & Conditions | Privacy Policy | Modern Slavery Act | Cookies | Subscription Terms & Conditions

AM Best affirms GE Insurance following capital injection

Rating agency AM Best affirmed its “A” financial strength rating of Employers Re and GE Reinsurance Corporation following a $350mn injection from GE Capital Services and a commitment to provide further support later this year.

Crucially, the agency withdrew the ratings from their “under review with negative implications” status and assigned a stable outlook.

AM Best had initiated a review following another adverse loss development reserve boost by the reinsurer in 2004.

We are pleased that AM Best has acknowledged in our discussions the tremendous strength of our investment portfolio, our strong capital level, our market presence and GE's substantial support,” said Ron Pressman, chairman, president and CEO of GE Insurance Solutions.

Under its capital improvement plan, GE Insurance Solutions also revealed that it has agreed capital maintenance agreements with its parent General Electric Capital Corporation which provides: “explicit support to ensure that the risk-adjusted capitalization of these companies will be maintained on a continuing basis at a superior level”.

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree