Standard & Poor’s removed from CreditWatch and raised its counterparty credit and financial strength ratings on ING Comercial America Seguros S.A. de C.V. to single-’A'-minus from triple-’B’ “because of the Mexican insurer’s strategic importance to its ultimate parent, ING GROEP N.V.”
S&P Noted that the “ING Groep’s objective is to become a dominant force in any market it enters. ING Comercial America has the largest share of the Mexican property/casualty market and the second largest share of the Mexican life/health market, which will help advance its parent’s objective.” It’s also received a capital injection of $287 million and managerial commitments from its parent, as well as adding the ING name.
“Over the medium term, Standard & Poor’s expects an overall improvement in ING Comercial America’s financial fundamentals, with particular emphasis on overall profitability. On the business side, the insurer is expected to maintain its market position in all lines of business, but greater participation in life is anticipated,” the announcement concluded.
Banks Still Face Legal Claims After $25 Billion Settlement
MF Global Judge to Examine Insurance Payments for Former Executives
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
