Fitch Ratings has affirmed the ‘BBB+' financial strength rating...
Fitch Ratings has affirmed the ‘BBB+' financial strength rating of Sunderland Marine Mutual Insurance (SMMI). The rating has a positive outlook.
SMMI reported profits of £5.5m for 2003, up from the £2m profit reported in 2002.
Positive factors in the rating were SMMI's improving capital position, its strong market share within its chosen markets and its geographically well diversified portfolio, said Fitch.
However, these factors were partially offset by difficulties in the fish catching and farming industries, and the group's mutual status, which limits its access to capital.
Fitch said that it would continue to monitor the mix of SMMI's investment and the ability of the group to absorb equity volatility.
39% of the company's premium originates from the UK, 20% from Australia and New Zealand, and 33% from the US and Canada.
