Moody’s ups insurers’ tier one notes

Moody’s Investors Service said it upgraded the tier one instruments ratings of four insurers a notch following the publication of its updated cross sector methodology for assigning instrument ratings for insurers.

The agency raised the tier one notes of Bupa Finance plc and Direct Line Insurance Group plc to Baa3 (hyb), Legal & General Group plc’s notes to Baa2 (hyb) and RSA Insurance Group Ltd.’s notes to Ba1 (hyb).

Concurrently, the agency put CNA Assurances restricted tier one instruments on review for upgrade.

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