S&P turns Uniqa view to negative

S&P said it revised its outlook for Uniqa Insurance Group AG to negative from stable, but affirmed the A- rating and the A ratings on Uniqa’s core entities.

At Dec. 31, Uniqa's exposure to Ukraine and Russia totaled 2.9% of overall gross written premiums and 6.9% of total earnings before taxes. In the two countries, Uniqa had about €530 million of assets, mainly invested in government debt and to a lesser extent in corporate debt, property and cash.

“The negative outlook reflects our view that Uniqa's exposure to Russia and Ukraine poses a one-in-three chance of a downside risk to the ratings deviating from our base-case assumptions,” the agency said in a press release.

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