Only a portion of the £450m perpetual subordinated notes announced by Royal & SunAlliance (R&SA) will be treated as hybrid capital, said ratings agency AM Best.
Approximately £200m will be treated as hybrid capital in accordance with AM Best's Debt Rating Methodology, subject to an aggregate equity credit limit for hybrid equities of 20% of total adjusted capital.
Part of the proceeds will be used to repay an existing subordinated loan, it said.
AM Best has assigned an indicative rating of “bbb” to this forthcoming issue of R&SA, guaranteed by R&SA Insurance.
The outlook is negative, in line with R&SA's financial strength rating, currently rated A- (excellent) with a negative outlook.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
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.
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.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
