Ratings Recaps: Mingtai, TrygVesta

Standard & Poor’s Ratings Services has affirmed its “A” insurer financial strength and counterparty credit ratings on Japan’s Mingtai Fire & Marine Insurance Co. Ltd. and revised its outlook to positive from stable. S&P said the “revision reflects the likelihood of increasing implicit support for Mingtai from its financially stronger Japan-based parent, Mitsui Sumitomo Insurance Co. Ltd. [rated ‘AA’/Stable/A-1+], through rising integration with the group. MSI fully acquired Mingtai in September 2005 and considers it strategically important to the group.”

Moody’s Investors Service has upgraded the insurance financial strength ratings (IFSRs) of Denmark’s Tryg Forsikring AS (Tryg) and Vesta Forsikring AS, the main operating companies of the TrygVesta Group (TVG), to A2 from A3. The rating on Tryg’s subordinated debt was raised to Baa1 from Baa2. All the ratings have a stable outlook. Moody’s said that the rating action reflects TVG’s continued strong earnings and underwriting performance, improved capitalization metrics, good financial flexibility, and the maintenance of its very good market position in the Nordic region. The action concludes the review for possible upgrade that was initiated on March 14.