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S&P reviews Swiss Re ReAssure
S&P said it placed the A- ratings on Swiss Re ReAssure Ltd. on Credit Watch negative.
The agency placed the A- ratings on the company’s senior debt on CreditWatch developing.
The Swiss Re group indicated that it is exploring the possibility of an initial public offering of its U.K. closed-book consolidator ReAssure (not rated).
The agency said that ReAssure is one of the main operating entities of the Swiss Re Life Capital business unit, which S&P has considered to be highly strategic to the Swiss Re group.
“We understand that, following any potential IPO, the remaining business will comprise ElipsLife and IptiQ (which are both relatively small primary life insurers) and Swiss Re's share in SRRAL,” the agency said in a news release.
“Following Friday's announcement, we expect to review the group status of the SRLC. At this stage, we believe it is unlikely that we will continue to view the business unit as highly strategic following our review.”
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