Standard & Poor's has withdrawn ts 'BBB' counterparty credit and financial strength ratings on Royal Surplus Lines Insurance.
The downgrade followed an unusual request by the company's management to withdraw its rating request because of the company's underwriting inactivity.
S&P said its decision was based on the company's deteriorating outlook - spurred by Royal & Sun Alliance's (R&SA) recent announcement that it plans to sell Royal Surplus.
Standard & Poor's credit analyst Frederick Loeloff said: "Because RSLIC's operations were to be placed into run-off, the outlook reflected the potential for the ratings to be either lowered one or two notches.
"If an adequate amount of capital was not be maintained to support RSLIC's existing operating and insurance obligations or raised if the company were sold to a higher-rated entity,"
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