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A.M. Best Affirms Credit Ratings of CIBC Reinsurance Company Limited

A.M. Best has affirmed the Financial Strength Rating of A(Excellent) and the Long-Term Issuer Credit Rating of "a+" of (CIBCRe) (Barbados). The outlook of these Credit Ratings (ratings) is stable.

CIBC Re is a life reinsurance subsidiary that is ultimatelyowned by the Canadian Imperial Bank of Commerce (CIBC). CIBC Re principallyreinsures credit insurance policies that have been underwritten by third-partylife insurance carriers on consumer mortgages, loans and credit cardsoriginated by CIBC's Canadian branches. CIBC Re subsequently retrocedes aportion of these risks to several unaffiliated reinsurers. To a lesser extent,CIBC Re also participates in excess retrocession pools within the United Statesand Canada under a variety of treaties.

The rating affirmations reflect CIBC Re's strongcapitalization, favorable operating earnings, strong return on equity and aconservative investment portfolio. The ratings factor in CIBC Re's enterpriserisk management framework, which is well integrated into CIBC, and the highcredit quality and strong liquidity of CIBC Re's investment portfolio thatconsists entirely of term bank deposits and investments with CIBC affiliates.