OREANDA-NEWS. Fitch Ratings has assigned Irish reinsurer SCOR Global Life Reinsurance Ireland Limited's (SGLRIL) 'AA-' Insurer Financial Strength (IFS) rating. The Outlook is Stable.

Under Fitch's insurance rating methodology, the agency considers SGLRIL as core to the SCOR group (ultimate parent SCOR SE; IFS AA-/Stable) and has therefore aligned SGLRIL's IFS rating with that of other core operating entities within the group.

KEY RATING DRIVERS
Support: SCOR SE provides an unconditional guarantee in respect of SGLRIL's liabilities.

Strategic importance: SGLRIL is a key subsidiary of SCOR Global Life SE, underwriting a significant portion of premiums originating from intra-group retrocession with SCOR Global Life's US entities, while providing reinsurance cover to insurance companies in respect of life assurance, including mortality, longevity and morbidity risks.

Materiality: SGLRIL's 2014 gross written premiums (GWP) totalled USD4.1bn, which represents 51% of SCOR Global Life's total GWP and approximately 12% of SCOR group's total GWP.

RATING SENSITIVITIES
Any change in SCOR group's rating would be reflected by a corresponding change in SGLRIL's IFS rating.

Related rating committee date: 9 October 2015.