Munich Re backs Bermuda unit with $330m
Munich Re is providing support to its Bermuda-based reinsurance subsidiary via excess of retention and excess of loss reinsurance treaty and through a capital contribution of $330 million.
Munich Re Bermuda is a vehicle for placing the group’s related life US reinsurance business. It was formerly named Princeton Eagle West Insurance Company Limited and was authorized to operate property/casualty business, all of which is in runoff. The company was renamed Munich Re of Bermuda in March 2018 and was repurposed as a Class C Insurer by the Bermuda Monetary Authority.
AM Best has assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of “aa” to Munich Re Bermuda, a wholly owned indirect subsidiary of Munich Re. The outlook assigned to these Credit Ratings (ratings) is stable. The ratings of Munich Re and other main subsidiaries remain unchanged.
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