S&P: OneBeacon view to stable

S&P said it affirmed the BBB- long-term counterparty credit rating on OneBeacon Insurance Group Ltd. and affirmed the BBB- rating on its senior debt.

The agency revised the outlook on OneBeacon to stable from developing upon the announcement of the closing of the acquisition by Intact. At the request of the issuer, S&P withdrew all of the ratings on the group.

S&P said the affirmation reflects the groups strong financial risk profile, which has helped it weather elevated catastrophe losses for the year given the significant events in Texas and Florida, elevated catastrophe losses in the first half of the year from hailstorms and modest adverse development of reserves for the year.

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