Fitch Ratings Ltd. on Monday placed on rating watch-negative the "AA" insurer financial strength ratings of six U.S. insurance operating subsidiaries of ING Verzekeringen NV.
At the same time Fitch affirmed the ratings of the Dutch company and a U.S.-based subsidiary. The insurer financial strength rating of Life Insurance Co. of Georgia was affirmed at "A" because the operation is no longer considered core to ING's U.S. operations.
The outlook is stable for the parent and all guaranteed and assumed fixed-income security ratings in the United States, the ratings agency said. The rating action came after ING's announcement of the planned sale of its U.S. reinsurance business to Scottish Re. ING's U.S. units are to transfer assets of about $800 million, including a negative ceding commission of $560 million and certain systems and operating assets.
