LONDON--(BUSINESS WIRE)--A.M. Best Europe – Rating Services Limited has withdrawn the financial strength rating of A+ (Superior) and issuer credit rating of “aa-” of Hannover Life Reassurance (UK) Limited (Hannover Life UK) (United Kingdom) following its conversion into a branch of its parent company, Hannover Rueckversicherung AG (Germany). The rationale for the conversion is to improve Hannover Life UK’s capital efficiency and to enhance its service offering to clients.
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Key criteria utilised include: “Risk Management and the Rating Process for Insurance Companies”; “Understanding BCAR for Life/Health Insurers”; and “Rating Members of Insurance Groups”. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
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