S&P Global Ratings has assigned its AA- long-term insurer financial strength rating to Hannover Life Reassurance Co. of America (Bermuda) Ltd.
The outlook is stable.
S&P said the rating reflects its view of the company's core group status to German reinsurance group Hannover Rueck SE.
The rating agency expects Hannover Life to generate about $40 million of profits before tax in 2017 as the company has fully operationally integrated into the U.S./Bermudian life reinsurance operations.
Additionally, after the recent U.S. tax reform, the agency believes that the company will become an important risk aggregator within the group.
S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.