Athora upgraded to A- with Positive Outlook by Fitch
Pembroke, Bermuda, 21 May 2021 - Fitch Ratings (Fitch) has upgraded the Financial Strength Ratings of Athora Life Re Ltd. (Athora Life Re), Athora Ireland plc (Athora Ireland) and SRLEV N.V. (SRLEV) from BBB+ to A-. Athora Holding Ltd. (Athora) and Athora Netherlands N.V. Issuer Default Ratings have been upgraded from BBB to BBB+. The rating Outlook of Athora and its subsidiaries has been revised from Stable to Positive.
Achieving A- Financial Strength Ratings is an important step towards meeting the group’s target of A range ratings. The upgrade reflects the improvement in Athora's business profile following the acquisition of Athora Netherlands in 2020, lower Financial Leverage and a sustained strengthening of Athora’s capitalisation.
Michele Bareggi, Group Chief Executive Officer, commented: "The rating progress made in 2021, with upgrades received from Fitch and AM Best, demonstrates Athora’s commitment to building an insurance and reinsurance group with a robust financial profile focused on long term sustainability.”