S&P Withdraws Rating on UMRE on Merger Talks with National Re

Standard & Poor’s Ratings Services announced that it has withdrawn its “Bpi” issuer credit rating and financial strength rating on Universal Malayan Reinsurance Corp. (UMRE).

“The withdrawal is due to the insufficient information available to support a rating opinion, given the possible merger–still under discussion–of UMRE with National Reinsurance Corp. of the Philippines, the largest domestic reinsurer in the Philippines,” said S&P.

The rating agency noted that “National Reinsurance Corp. of the Philippines is not rated by Standard & Poor’s.”