Chaucer Insurance gets rating upgrade on China Re balance sheet strength

Chaucer Insurance Company DAC, the Irish-headquartered subsidiary of global re/insurance group  Chaucer, has seen its credit rating upgraded by Standard & Poor’s (S&P) Global to an ‘A’ from ‘A-’.

The upgrade reflects the strength of the balance sheet of Chaucer Insurance Company, and of Chaucer’s parent company China Re, S&P said in a statement.

“This ratings upgrade is further indication that our insurance company continues to go from strength to strength,” said John Fowle (pictured), chief executive officer of Chaucer.

“It also shows the advantages provided to our customers and ourselves of having the strength of China Re’s balance sheet behind us.”

Chaucer Insurance Company was established to provide Chaucer’s brokers and clients with greater choice by allowing them to purchase insurance and reinsurance cover outside of the Lloyd’s market. In addition to its base in Dublin, it also has branches in the UK, Denmark and Bermuda.

Chaucer Insurance Company is additionally rated ‘A’ by AM Best.

“In the four years since its establishment, Chaucer Insurance Company has played a strategically important role in Chaucer’s ambitious growth agenda,” added Fowle. S&P’s research update is further acknowledgment of the company’s role within both Chaucer and China Re.”

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