Ratings actions
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The ratings agency also affirmed the financial strength rating of A and the long-term issuer credit rating of “a” for Fidelis and its subsidiaries. -
The group’s operating results have improved, but the ratings agency warned that further action could be taken if risk-adjusted capital levels did not rise.
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The agency said the financial strength ratings downgrade reflected a revision in its assessment of Qatar Insurance Company’s operating performance from strong to adequate.
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The agency has also cut the carrier’s long-term issuer default rating to A-.
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The Chinese conglomerate was downgraded by Moody’s this week and faces liquidity pressure.
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S&P said it believed Gallagher can "non-disruptively absorb the acquired business".
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The ratings agency has also affirmed the A- FSR of Convex’s UK and Bermudian entities.
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Economic uncertainty, Covid-19 lockdowns and Brexit sway the ratings agency.
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The new Axa XL Reinsurance Limited consolidates the carrier’s reinsurance operations.
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The Nuclear Electric Insurance Limited subsidiary is targeting US E&S and looking to write business from April.
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Upward rate momentum, clearer wordings and market modernisation are partially offset by US casualty and Covid-19 uncertainty, as well as nat cat trends.
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The ratings agency said Zurich Insurance’s financial performance was “sustainably improved” and gave the rating a stable outlook.
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