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A.M. Best Affirms Ratings Of XL Group Plc, Its Property/Casualty Subsidiaries And XLIT Ltd.

The FSR of A (Excellent) and ICRs of “a” have been affirmed for the following subsidiaries of XL Group plc:

  • XL Re Ltd
  • Indian Harbor Insurance Company
  • Greenwich Insurance Company
  • XL Insurance Company of New York, Inc.
  • XL Insurance America, Inc.
  • XL Select Insurance Company
  • XL Reinsurance America Inc.
  • XL Specialty Insurance Company
  • XL Insurance (Bermuda) Ltd
  • XL Re Latin America Ltd
  • XL Insurance Company Limited
  • XL Re Europe Limited
  • XL Insurance Switzerland Ltd

The following debt ratings have been affirmed:

XLIT Ltd.

-- “bbb” on $600 million 5.25% senior unsecured notes, due 2014-- “bbb” on $350 million 6.375% senior unsecured bonds, due 2024-- “bbb” on $325 million 6.25% senior unsecured notes, due 2027-- “bbb” on $400 million 5.75% senior unsecured notes due 2021-- “bb+” on $1.0 billion Series E non-cumulative preference shares, redeemable 2017--“bb+” on $350 million Series D non-cumulative preference shares

The following indicative ratings on shelf securities have been affirmed:

XLIT Ltd.—

-- “bbb” on senior unsecured-- “bbb-” on subordinated-- “bb+” on preferred stock

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. Additional key criteria utilized include: “Understanding BCAR for Property/Casualty Insurers”; “Rating Members of Insurance Groups”; “Natural Catastrophe Stress Test”; “Risk Management and the Rating Process for Insurance Companies”; “Understanding Universal BCAR”; and “Insurance Holding Company and Debt Ratings.” Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2012 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.



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