S&P raises First Insurance outlook to positive

Standard & Poor's said it revised the outlook on its BBB insurer financial strength and counterparty credit ratings on First Insurance Co. Ltd. to positive from stable.

At the same time, S&P said it affirmed the ratings.

"The outlook revision reflects Standard & Poor's expectation that First Insurance's satisfactory operating performance is sustainable," said S&P credit analyst Connie Wong.

The insurer has improved its risk management controls, particularly on its historically volatile investment book, the agency said.

"The ratings continue to reflect First Insurance's satisfactory underwriting performance and strong capitalization. Counterbalancing factors include the company's exposure to market risk from its large portfolio of equity investments and its moderate market position," Wong added.

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