By Kim Jae-kyoung
S&P Global Ratings has assigned a long-term issuer credit and financial strength rating of "A" to the Korean Reinsurance Switzerland AG, the global ratings agency said, Monday.
Korean Reinsurance Switzerland AG is a Swiss subsidiary of Korean Re, a reinsurance company based in Seoul.
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| Korean Re logo |
"We expect Korean Reinsurance Switzerland to receive strong support from the group in operations, underwriting, reinsurance, and risk management," the agency said in a press release.
"We view the Korean Reinsurance Switzerland as a core subsidiary of Korean Re," it added.
It said that the latest ratings on the Swiss unit are equalized with the group's credit profile.
"As a wholly owned entity, Korean Reinsurance Switzerland benefits from Korean Re's established track record of operating in the European region with almost 20 years of history," it said. "We do not regard KRSA as a startup, given that it inherits the group's expertise and clients."
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