Standard & Poor’s rating service said it raised three pi ratings, lowered three pi ratings and withdrew one pi rating during March 2004.
It said pi insurer financial strength ratings were based solely on information available in the public domain.
One of the ratings raised was for Kyoei Fire & Marine Insurance UK, which was raised to BBBpi (good) from BBB-pi (good). S&P said the rating, based on the company’s regulatory returns, reflected good levels of solvency and technical reserves, offset by weak earnings.
The two other companies to have their ratings upgraded during March were Gerling G&A Versicherungs- AG, Germany, which was raised to BBBpi from BBB-pi; and MMI Assicurazoni SpA, Italy, which was raised to Bpi from CCCpi.
The three companies that had their pi ratings lowered were Rheinland Versicherungs- AG, Germany, lowered to BBpi from BBBpi; AGF La Lilloise SA, France, lowered to BBpi from BBBpi; and Concordia Versicherungs-Gesellschaft AG, Germany, lowered to BBBpi from Api.
S&P withdrew the rating for former Royal & SunAlliance subsidiary Avero Benelux Schadeverzekeringen NV, Netherlands, following its acquisition by Achmea Schadeverzekeringen NV.
