HISCO Off CreditWatch

The “BBB+” long-term counterparty credit rating and insurer FSR on Hiscox Insurance Company Ltd. (HISCO) were withdrawn from CreditWatch with positive implications by S&P. The action placing the HISCO ratings on Watch Positive took place on Jan. 24, following an announcement that the Chubb Corp. of the U.S. and HISCO’s parent company, Hiscox PLC, were in discussions regarding a possible acquisition of the latter. Those discussions have since terminated, resulting in the latest CreditWatch action. At the same time, S&P affirmed HISCO’s ratings. The outlook is stable.