S&P upgrades Alleghany

Standard & Poor’s said it raised its issuer credit rating on Alleghany Corp. to BBB+ from BBB. S&P also raised its ratings on Transatlantic Holding Inc., which are equalized to those on Alleghany, to BBB+ from BBB.

S&P assigned its A financial strength and counterparty credit ratings to RSUI Indemnity Co. (together with its insurance subsidiaries, referred to as RSUI). In addition, S&P affirmed its A+ financial strength and counterparty credit ratings on Transatlantic Reinsurance Co. and its core subsidiaries (collectively, TransRe).

The outlook on all entities is stable.

S&P said it also raised its ratings on the senior debt to BBB+ from BBB.

“The ratings primarily reflect the strength of the company’s globally diversified reinsurance and U.S. insurance platforms and extremely strong capitalization, offset by its high risk position primarily due to high severity exposures in its (re)insurance businesses,” said S&P credit analyst Hardeep Manku in a news release.

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