Glencoe Insurance Ltd. Downgraded To 'A' From 'A+'; Outlook Stable
Standard & Poors, May 2011
Abstract
RenaissanceRe Holdings Ltd. (NYSE:RNR; A/Stable/--) recently sold substantially all of its U.S.-based property/casualty business to QBE Holdings Inc. Following the sale, we still assess subsidiary Glencoe Insurance Ltd., which RNR did not sell, as strategically important to the parent. Our ratings on a strategically important subsidiary reflect its stand-alone credit profile plus up to three notches of ratings uplift for the likelihood of ongoing group support. As a result, we have lowered the ratings on Glencoe Insurance Ltd. to 'A' from 'A+' and assigned a stable outlook. NEW YORK (Standard & Poor's) May 17, 2011--Standard & Poor's Ratings Services said today that it lowered its counterparty credit and financial strength ratings on Glencoe Insurance Ltd. to 'A' from 'A+'. Standard...
Companies mentioned in this report are: Glencoe Insurance Ltd,RenaissanceRe Holdings Ltd.
Action: Downgraded
Action: Outlook: Stable
Action: Removed From CreditWatch
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Glencoe Insurance Ltd,RenaissanceRe Holdings Ltd.
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