Reinsurance ratings review

Ratings activity over the last two months has seen downgrades affecting three main groups. Arig Re was downgraded from A to A- by Standard & Poor’s which said that outlook remained negative. S&P said that the action resolves the CreditWatch with negative implications, on which both Arig Insurance UK and Arig Re were placed on 7 January 2000. The CreditWatch placements were in response to the group’s weakened operating performance and the significant decrease of reinsurance premium volume. This largely came about as a result of the decision of Arig UK to cease underwriting.