AM Best has lifted Scor’s financial strength ratings to A+ from A, and its long-term issuer credit ratings to aa- from a+.

The outlook for all credit ratings has been revised to stable from positive. The revised ratings also apply to the French reinsurer’s main operating subsidiaries.

AM Best says the upgrades reflect Scor’s sturdy performance in a difficult operating environment.

“Scor has strengthened its competitive position in the global reinsurance market and increased its scale over recent years through a combination of organic growth from its non-life and life businesses [and] acquisitions of US-based life reinsurance operations,” it says.

“The rating upgrades reflect Scor’s track record of strong and resilient operating profitability and its very strong risk-adjusted capitalisation… Scor’s business model and conservative risk appetite relative to reinsurance peers support low volatility in both earnings and capital adequacy.”

The reinsurer made a net profit of €292 million ($436 million) in the half-year to June 30, up from €275 million ($411 million) in the corresponding period last year.