Standard & Poor’s (S&P) has placed the AA counterparty credit, insurer financial strength, and insurer financial enhancement ratings for Switzerland-based Allianz Risk Transfer (ART) on CreditWatch with negative implications.
At the same time the A-1+ short term counterparty credit ratings for ART were also placed on CreditWatch with negative implications.
The AA insurer financial strength ratings for two ART subsidiaries, Bermuda-based Allianz Risk Transfer and Allianz Risk Transfer NV, were also placed on CreditWatch with negative implications.
S&P said the CreditWatch reflected its concerns over the sufficiency of the proposed parental support arrangements between Allianz AG and ART and its subsidiaries.
For ratings for ART to remain at the group rating level, the support documentation must conform to S&P’s published criteria, said the ratings agency. It said it was also uncertain of the potential impact that any rating triggers within the policies written by ART would have on the ratings.
S&P said it expected to resolve the CreditWatch situation within 28 days. The ratings for ART are unlikely to fall below the A range as ART’s stand-alone capitalisation remains strong, said the company.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
