S&P Affirms Corpa Reinsurance

The “Bpi” financial strength rating on Corpa Reinsurance Company was affirmed by S&P. The company wrote property and casualty treaty reinsurance on fire and commercial multiple lines peril. However, effective, Sept. 1, 1987, it ceased writing new and renewal business. Based in New Jersey and domiciled in New York, the company is licensed in California, Illinois, New York and Texas. Rating factors include the company’s consistently poor operating ratio, modest capital base relative to its reinsurance peers and volatile two-year reserve development ratio.

The rating does not include additional credit for implied group support, even though the company is a member of a group of companies comprising Aegeon N.V., a Netherlands-based global insurance organization.