S&P Affirms Chiyoda Ratings Following Withdrawal from London Re Market

Standard & Poor’s rating service affirmed its double ‘A’-minus, outlook negative counterparty credit and insurer financial strength ratings for The Chiyoda Fire and Marine Insurance Co. (Europe) Ltd., following the company’s September 30th announcement that it was withdrawing from the London reinsurance market.

Chiyoda (Europe), a subsidiary of the Japanese group, will reduce its premium income by half, but S&P expects an improvement in operating performance, which it says “has suffered in recent years, due mainly to the large number of catastrophe losses on its Treaty Account.”