Fitch Ratings has affirmed the insurer financial strength rating of “A+” for Winterthur Swiss Insurance Company (Winterthur) and Winterthur Life at and removed them from rating watch negative.
This follows the release of the final report by the independent actuary in charge of the arbitration on the final seasoned reserve amount due to XL Insurance Limited ("XL") by Winterthur relating to XL's July 2001 purchase of Winterthur International. The Long-term 'A' rating on Winterthur is also affirmed.
The IFS ratings were placed on rating watch negative on 10 February 2005 to reflect potentially higher-than-expected adverse loss reserve development. On 24 November 2005, Fitch commented it was expecting to affirm all ratings assigned to Winterthur and Winterthur Life, once the independent actuary's draft report on the reserve liability was finalised on 5 December 2005.