AM Best has affirmed the financial strength rating of A- (excellent) of the Royal & SunAlliance (R&SA) group and its core subsidiaries.
At the same time, AM Best assigned issuer credit ratings of a- to each of the companies. AM Best also affirmed the ratings of “bbb” and “bbb-” of R&SA's subordinated debt and preferred stock, respectively.
AM Best said: "The ratings reflect R&SA's improving risk-adjusted capitalisation and improving operating performance, as well as its excellent business profile. The main offsetting factor continues to be the potential for further reserve deterioration - particularly in the US and the uncertainty as to the scale of future retained profits."
AM Best said that R&SA was likely to maintain the consolidated combined ratio below 100% across the insurance cycle for ongoing businesses due to expense reduction, the ongoing disposal programme and the withdrawal from certain unprofitable lines of business.
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.
