Standard & Poor's (S&P) affirmed the A- long-term counterparty credit and insurer financial strength ratings on Brit Insurance Ltd. S&P then withdrew the ratings on Brit's request. This means Brit will no longer be constantly monitored by S&P.
S&P said the ratings were based on "the company's very strong capital adequacy, and an able management team with strong credentials for conducting certain specialised lines of financial risk business.
"These factors were offset by Brit's moderate but improving business position, and a volatile earnings history on the company's catastrophe book," it added.
