Strong growth in Europe tipped for KoreanRe
HONG KONG -- S&P Global Ratings today assigned its 'A' local currency long-term issuer credit and financial strength ratings to the Switzerland-based Korean Reinsurance Switzerland AG (KRSA), saying the ratings reflect its view that the company is integral for the group's strategy to expand its business in Europe.
"We believe Korean Re (A/Stable/--) is strongly committed to growing its overseas business and is willing to provide long-term support to KRSA," S&P says.
"In our view, KRSA is fully integrated with the group in terms of operational processes, underwriting practice, reinsurance arrangement, and risk management.
"We therefore view KRSA as a core subsidiary of Korean Re and equalize the ratings with the group credit profile of 'a'.
"We expect KRSA to play a critical role in the group's international strategy and become a regional hub in Europe in the mid- to long-term."
www.standardand poors.com (ATI).