Moody’s turns Intact view to positive

Moody’s Investors Service said it changed its outlook for Intact Financial Corp. and its subsidiaries, including RSA Insurance Group Ltd., to positive from stable and affirmed its Baa1 ratings. The agency also affirmed RSA’s Baa1 (hyb) subordinated debt rating.

“The positive outlook reflects the group's strong market presence as the largest property and casualty insurer in Canada as well as its growing U.S. specialty business. Intact is also among the top five P&C insurers in U.K. and Ireland, and is expected to become the third largest U.K. commercial insurer following its recent announcement to acquire Direct Line Insurance Group plc's (DLG, Baa2 (hyb) subordinate, stable outlook) brokered commercial lines business.

“The group also reports significant distribution income from its wholly-owned brokerage operation which provides further earnings diversification,” Moody’s said in a press release.

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