Moody's Investors Service in New York yesterday upgraded the insurance financial strength rating of American Re-Insurance Company to Aa3 from A2, citing the support of parent company Munich as the main factor driving the change.
The two-notch financial strength rating upgrade, with a one-step boost in the senior debt rating of American Re Corporation--to A2 from A3--concludes a review for possible upgrade that was initiated on July 19, 2005, Moody's said, adding that the rating outlook is now stable.
The rating review was prompted by the announcement of a formidable recapitalization plan at Princeton, N.J.-based American Re, following a $1.6 billion reserve strengthening. The recapitalization was funded by the group's ultimate parent, Munich Reinsurance Company.
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