S&P Global Ratings has assigned its ‘A-‘ long-term financial strength rating to Odyssey Re Europe S.A. (ORESA), with a stable outlook.
The rating on ORESA is based on an explicit guarantee provided by Odyssey Reinsurance Co., which has an ‘A-‘ rating and a stable outlook, said S&P, noting that the guarantee meets its conditions for rating equalization.
ORESA is a wholly owned subsidiary of ORC, which in turn is a core operating subsidiary of Fairfax Financial Holdings Ltd. Fairfax has a ‘BBB-‘ rating and a stable outlook.
The rating on ORESA is likely to move in tandem with that on ORC over the next 24 months, S&P said.
Source: Standard & Poor’s