Transatlantic Re ‘AA’ Affirmed

The “AA” counterparty credit rating and FSR on Transatlantic Reinsurance Co. (TRC) and its core subsidiaries, Putnam Reinsurance Co. and Trans Re Zurich, were affirmed by S&P. Key rating factors include TRC’s very strong operating performance, extremely strong capitalization and very strong business franchise. Those positive factors were offset by competitive market conditions and declining operating margins. The outlook is stable.