A.M. Best Co. has affirmed the financial strength rating of “B++” (Good) and the issuer credit rating (ICR) of “bbb” of Germany’s SCHWARZMEER UND OSTSEE Versicherungs-Aktiengesellschaft SOVAG (Sovag) (Germany) with a stable outlook. The affirmation reflects Best’s expectations of “a good operating performance in 2007 with an anticipated pre-tax profit of approximately €7 million ($9.5 million), which would translate into a return on premiums of 10 percent.”
Standard & Poor’s Ratings Services has affirmed its ‘A-‘ long-term counterparty credit and insurer financial strength ratings on Danish non-life insurer Codan Forsikrings A/S and Swedish non-life insurer Trygg-Hansa Försäkrings AB, Publikt. (Trygg-Hansa) (collectively known as Codan). The outlook on both entities is stable. S&P credit analyst Mark Coleman noted that S&P now considers both subsidiaries “to be core entities of Royal & Sun Alliance Insurance Group PLC (R&SA; core entities are rated A-/Stable) following the completion of its voluntary public takeover offer, increasing its ownership stake in the Danish holding company Codan A/S to 99.5 percent.”
Standard & Poor’s Ratings Services has assigned its ‘A’ long-term insurer financial strength and counterparty credit ratings to ACE Insurance Ltd. (Hong Kong) (ACE HK) with a stable outlook. The ratings on ACE HK reflect strong implicit support from its parent, ACE group (main operating subsidiaries: A+/Stable/–).
Standard & Poor’s Ratings Services placed its ‘B+’ long-term counterparty credit rating on New Zealand-based finance company Geneva Finance Ltd. on CreditWatch with negative implications along with the ‘B-‘ insurer financial strength and counterparty credit ratings on Geneva’s sister company, Quest Insurance Group Ltd. (Quest), were also placed on CreditWatch with negative implications. “These rating actions reflect increasing pressure on Geneva’s liquidity and funding position on the back of current disruptions caused by the failure of some New Zealand finance companies,” stated S&P credit analyst Derryl D’silva. “We believe that there is a possibility that current financial market disruptions may lead to Geneva being unable to manage liquidity and funding pressures affecting the New Zealand finance company industry.”
Standard & Poor’s Ratings Services has reaffirmed its the CreditWatch with positive implications placement of the ‘BBB’ counterparty credit and insurer financial strength ratings of Czech-based Ceska pojistovna a.s. (Ceska). S&P first took the action in April following the announcement that Italy’s Assicurazioni Generali SpA (Generali) had entered into a preliminary agreement to acquire a 51 percent stake in CZI Holdings (not rated), the 100 percent owner of Ceska.
Source: A.M. Best, S&P
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