S&P Reaffirms, Withdraws Rating on Minster Insurance
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The rating was simultaneously withdrawn at the request of the French parent company Groupama S.A. “Minster is a run-off company deriving from Groupama’s restructuring of its U.K. business.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.
Popular Today
- Burned by Fire, Malibu’s Million-Dollar Mansions Face a New Threat: El Niño
- Broad AI Exclusions in Insurance Policies Could Create Uncertainty, Marsh CEO Says
- KCC Says Isaias Insured Losses to Be $3 Billion; AM Best Calls Storm an Earnings Event
- All in the Family: Husband, Wife and Daughter Indicted for Insurance Fraud and Bribery