S&P Reaffirms, Withdraws Rating on Minster Insurance

January 9, 2004

Standard & Poor’s Ratings Services announced that it has affirmed its ‘A’ insurer financial strength rating on U.K.-based Minster Insurance Co. Ltd.

The rating was simultaneously withdrawn at the request of the French parent company Groupama S.A. “Minster is a run-off company deriving from Groupama’s restructuring of its U.K. business.
Consequently, Minster Insurance Co. Ltd. is no longer subject to continuous surveillance by Standard & Poor’s,” said the bulletin.

“The ratings on Minster Insurance Co. Ltd. at the time of the withdrawal were based on the formal guarantee provided by Groupama S.A. covering all existing liabilities as at Jan. 8, 2004,” stated S&P credit analyst Emmanuelle Cales.

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