Standard & Poor’s Ratings Services announced that it has raised its public information (pi) financial strength and counterparty credit ratings on Royal & Sun Alliance Insurance (Hong Kong) Ltd. (RSA HK) to ‘BBBpi’ from ‘BBpi’.
“The rating action reflects the company’s improved operating performance and capitalization and its prudent investment profile,” said S&P. “These factors are counterbalanced by the company’s reduced business profile and increasing pressure on its underwriting performance in a softening market.”
S&P noted that “RSA HK is owned by U.K.-based Royal & Sun Alliance Insurance Group PLC. The company primarily provides general insurance, including property damage (39 percent), employee compensation (20 percent), accident and health (16 percent), motor (11 percent), marine (5 percent), and others (9 percent).”
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