Santam’s international counterparty credit and insurer financial strength was adjusted as a result of various rating agency’s sovereign downgrade of South Africa. The revised rating was not driven by any change in the financial performance of Santam. Standard & Poor’s views Santam’s risk culture as positive, as it has been fully embedded across the business and is supported by an extensive risk appetite framework and effective risk governance. Santam’s local counterparty credit and insurer financial strength rating is ‘zaAAA’.
Mirabilis has entered into an agreement with New Reinsurance Company Limited (NewRe), a Zurich-based reinsurer with a Standard & Poor’s ‘AA-’ rating, a wholly owned subsidiary of Munich Re (Münchener Rück; Münchener Rückversicherungs-Gesellschaft), Germany.
New Reinsurance Company Limited has authorised Mirabilis to act as its Agent to underwrite and accept, on its behalf, engineering classes of reinsurance business. NewRe will meet all claims on its business bound by Mirabilis. With our binding authority on NewRe paper, the counterparty default risk is enhanced to Standard & Poor’s ‘AA-’ level.