Fitch Ratings has affirmed the insurer financial strength rating of BBB for Royal & SunAlliance Insurance Plc (RSAIP) and a long-term rating of BB+.
Fitch also affirmed the BB rating for the subordinated debt issued by R&SA Insurance Group (RSAIG).
All ratings have been removed from rating watch negative, which Fitch has assigned following R&SA's first half results. The outlook on all ratings is negative.
Fitch said the ratings reflected continuing challenges in restructuring the group as well as negative external factors including litigation and a toughening regulatory environment.
Positive factors were a strong profile and business position in numerous areas as well as improved underwriting results on continuing business.
Fitch said the ratings action followed the announcement of R&SA's third quarter results which reported good underlying insurance results but a substantial strengthening of reserves.
Despite the completed rights issues and improved underlying results, Fitch said it continued to regard risk factors affecting the group as being relatively high to its ability to absorb them.
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