SCOR upgraded by AM Best

AM Best has upgraded French reinsurer SCOR's issuer credit ratings (ICR) to “a+” from “a” and affirmed the financial strength rating (FSR) of A (Excellent).

In a statement, the agency said: “The upgrade of SCOR’s ICRs reflects its resilient performance in challenging market conditions, demonstrating strong enterprise risk management, particularly pertaining to investment risk management and prudent capital management.

“SCOR's risk-adjusted capitalisation continues to remain resilient, with its balance between life and non-life reinsurance providing sound diversification and stability to earnings. Additionally, SCOR has further strengthened its global reinsurance presence during 2011, creating a sound platform to further expand its franchise.”

The outlook for all ratings is stable.