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(From Insurance Day)
RATINGS agency Standard & Poor's (S&P) said it expects to raise the insurer financial strength and counterparty credit rating on the principal general insurance subsidiaries of Promina to A, subject to the successful completion of its initial public offering (IPO), writes Symon Ross.
The current ratings of Royal & SunAlliance (RSA)'s Australian and New Zealand subsidiaries, which are to be spun off to form Promina, stand at A- with a developing outlook, largely based on the financial strength of its UK parent company.
S&P said that the ratings reflected a long-established and well-recognised franchise in general insurance operating in both commercial and personal lines across Australia and New Zealand and through various brands.
The outlook for the local Promina subsidiaries is expected to be ...