Affirmation of rating for commercial lines insurer
Standard & Poor's Rating Services said that it affirmed its 'A' counterparty credit and insurer financial strength ratings on Benelux-based commercial lines insurer Fortis Corporate Insurance NV (FCI).
"The ratings reflect FCI's strong competitive position; strong operating performance; and strong, albeit declining, capitalization," said Standard & Poor's credit analyst Lotfi Elbarhdadi. "They are underpinned by support from the Fortis group."
Offsetting factors are the reliance on a small number of large brokers and geographic concentration of risks in Benelux countries.
FCI is the commercial lines insurance arm of Fortis Insurance Division and is a subsidiary of Fortis Insurance International, part of the Fortis group.
It provides covers for Benelux-based companies in property, liability, marine, and fleet insurance. Gross premiums written (GPW) amounted to €597 million in 2006.
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