Factors that could lead to an outlook revision or rating upgrade include moderate debt and leverage measures at the ultimate parent level and solid operating results coupled with strong risk-adjusted capitalization.Factors that could lead to an outlook revision or rating downgrade include negative operating performance trends, not limited to outsized catastrophe losses, accompanied by a significant reduction in risk-adjusted capitalization. The FSRs of A (Excellent) and the Long-Term ICRs of "a+" have been affirmed with stable outlooks for the following subsidiaries of XL Group Ltd:
- XL Bermuda Ltd
- Catlin Indemnity Company
- Catlin Insurance Company (UK) Ltd.
- Catlin Insurance Company Ltd.
- Catlin Insurance Company, Inc.
- Catlin Re Switzerland Ltd
- Catlin Specialty Insurance Company
- Greenwich Insurance Company
- Indian Harbor Insurance Company
- XL Insurance America, Inc.
- XL Insurance Company SE
- XL Insurance Company of New York, Inc.
- XL Insurance Switzerland Ltd
- XL Re Europe SE
- XL Reinsurance America Inc.
- XL Seguros Mexico, S.A. de C.V.
- XL Select Insurance Company
- XL Specialty Insurance Company
XLIT Ltd.—--"bbb+" on senior unsecured debt--"bbb" on subordinated debt--"bbb-" on preferred stockThe following Long-Term IR has been affirmed with a stable outlook for the following securities of Catlin Insurance Company Ltd.— --"bbb+" on $600 million preferred stock This press release relates to Credit Ratings that have been published on A.M. Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best's Credit Ratings . For information on the proper media use of Best's Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best's Credit Ratings and A.M. Best Rating Action Press Releases . A.M. Best is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.