Fitch ups Royal & Sun

Fitch Ratings said it upgraded Royal & Sun Alliance's insurer financial strength rating to A from A- and long-term issuer default rating to A- from BBB+. The agency also said it upgraded RSA Insurance Group plc's long-term issuer default rating to BBB+ from BBB.

The outlook is stable.

The subordinated debt and capital securities guaranteed by Royal & Sun also were upgraded to BBB from BBB-.

The upgrades reflect the company's solid and robust financial profile, characterized by a strong business franchise, consistent across-cycle earnings and a growing level of geographical and class-of-business diversification, Fitch said.

The primary offsetting factor continues to be the level of risk-adjusted capitalization, the agency said.

The upgrade also recognizes the financial strength and growing diversity of the insurer's business profile, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.