Fitch has affirmed its AA-minus insurer financial strength rating on Australia's Royal & Sun Alliance (R&SA) Lenders Mortgage Insurance (RSALMI). The rating outlook is stable.
The announcement follows the terrorist attacks in the US and Fitch's decision to place R&SA USA's ratings on Rating Watch Negative.
The ratings agency said RSALMI was a wholly-owned subsidiary of R&SA Insurance Australia and was well removed from the US operations.
It added that although the ultimate parent, the UK's R&SA, had some direct exposure to the terrorist attacks through its US subsidiaries, that exposure did not materially affect RSALMI.
The agency said its rating was based on a stand-alone analysis of RSALMI's capital position, including extensive reinsurance support from external reinsurers.
