Action reflects sale of North America subsidiaries
AM Best has withdrawn the financial strength rating (FSR) of B++ (Good) and issuer credit rating (ICR) of “bbb+” of Revios Reinsurance Canada Ltd. (Revios Re) (Toronto, Canada) and assigned a category NR-5 (Not Formally Followed).
These rating actions reflect the current profile of Revios Re, whereby no life insurance business or reserves remain. At year-end 2007, the Canadian portfolio of Revios Re was transferred to the Canadian branch of SCOR Global Life S.E. (La Defense, France), and the US branch portfolio was transferred to SCOR Global Life US Re Insurance Company (SCOR Global Life) (Plano, TX).
AM Best also has withdrawn the FSR of A- (Excellent) and ICR of “a-” of SCOR Life Insurance Company (SCOR Life) (Plano, TX) and assigned a category NR-5 (Not Formally Followed).
These rating actions reflect a 2008 coinsurance transaction with SCOR Global Life whereby all insurance reserves were transferred. Additionally, SCOR Life was sold to an unaffiliated third party on 1 July, 2008.