S&P Global Ratings Assigns A+ to Safety National’s Subsidiary SN Re PIC 1 Ltd.
Safety National announced today that S&P Global Ratings has assigned an A+ financial strength rating to SN Re PIC 1 Ltd. with a stable outlook. SN Re PIC 1 Ltd., which was previously unrated, is a wholly owned subsidiary of Safety National that is domiciled in the Cayman Islands and operates as a captive reinsurer to the organization.
According to S&P Global Ratings, the A+ financial strength rating is a result of SN Re PIC 1 Ltd. operating as a core subsidiary of Delphi Financial Group, Inc., which is integrated as a core operating subsidiary of the Tokio Marine Group, and reflects the stable outlook of the consolidated Tokio Marine Group. S&P also noted that SN Re PIC 1 Ltd. is fully integrated into the group from a risk management and operational perspective, and that, while SN Re PIC 1 Ltd. is well capitalized, the parent companies have the ability to provide any additional capital support as needed to meet regulatory minimum standards.
“Achieving this S&P A+ financial strength rating is a positive development that will provide additional flexibility for Safety National to create customized solutions that help meet the evolving needs of our customers,” said Mark Wilhelm, Executive Chairman of Safety National. “It allows us to expand our appetite for larger loss portfolio transfer and assumed reinsurance transactions, with the capacity for additional business growth in the future.”