Standard & Poor’s Ratings Services announced that it has assigned its ‘”A-” insurer financial strength rating to U.K.-based non-life insurer MMA Insurance PLC with a negative outlook.
“MMA Insurance PLC is a midsize, U.K.-based broker-only insurer, underwriting both personal and commercial lines insurance,” said S&P. “The assignment of the rating follows the receipt by MMA Insurance PLC of a guarantee from its parent, Les Mutuelles du Mans Assurances IARD (MMA IARD; A-/Negative/–), which took effect on Oct. 18, 2004.
“This explicit support agreement meets Standard & Poor’s guarantee criteria and is governed by French law.” S&P said it “expects MMA IARD to ensure that claims made by MMA Insurance PLC policyholders are paid. As a consequence, the ratings on MMA Insurance PLC will move in tandem with those on MMA IARD.
“The outlook on MMA Insurance PLC reflects that on its guarantor, MMA IARD.”
Was this article valuable?
Here are more articles you may enjoy.