Standard & Poor's (S&P) has raised the long-term counterparty credit and insurer financial strength rating for non-life French insurer Aviva Assurances.
“The rating action reflects the fact that we now view Aviva Assurances as a core subsidiary of its ultimate parent, CGU International Insurance PLC,” said S&P credit analyst Emmanuelle Calès.
Aviva Assurances is predominantly retail-focused and underwrites a mix of motor, property, liability, and accident & health business lines. Its gross premium income totalled €841m at year-end 2003.
”The outlook on Aviva Assurances is driven by that on the Aviva group. Any change in the group's ratings would have an immediate impact on those of Aviva Assurances,” added Calès.
