Parkton Re Ltd.'s $125M Principal-At-Risk Variable-Rate Notes Assigned 'B+' Rating Jul 09
- ID: 2026326
- July 2009
- Standard & Poors
NEW YORK (Standard & Poor's) July 10, 2009--Standard & Poor's Ratings Services said today that it has assigned its 'B+' rating to the Series 2009-1 notes to be issued by Parkton Reinsurance Ltd. (Parkton Re). Parkton Re is an exempted Cayman Islands company licensed as a Class B insurer in the Cayman Islands. The cedent to Parkton Re will be Swiss Reinsurance America Corp. (SWRA; A+/Stable/--). SWRA, which we consider a core member of the group, is a wholly owned subsidiary of Swiss Reinsurance Co., the group's main U.S. property/casualty operating company. SWRA will be responsible for the premium payments due under the retrocession agreement in place between it and Parkton Re. Covered losses will not be directly linked to...
Companies mentioned in this report are: Parkton Re Ltd.
Action: New Rating
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