Following yesterday’s announcement that Candover Investment Plc was pulling out of talks to acquire Reliance National Insurance Co. (Europe) Ltd., a subsidiary of U.S. insurer Reliance Group, Standard & Poor’s revised the Credit Watch placement on its “triple C” long-term counterparty credit and insurer financial strength ratings to negative from developing.
“The longer the company remains under the control of its troubled parent, the more its business position and stand-alone rating profile will decline as brokers and clients progressively retract their support,” said the announcement.
Was this article valuable?
Here are more articles you may enjoy.
‘Structural Shift’ Occurring in California Surplus Lines 
Florida Insurance Costs 14.5% Lower Than Without Reforms, Report Finds 
The $10 Trillion Fight: Modeling a US-China War Over Taiwan 
California Smoke Damage Act Would Enable Wildfire Victims to Expedite Claims 
