Rating agency Standard & Poor's (S&P) has assigned its AA insurer financial strength rating to UK-based insurer GE Mortgage Insurance.
S&P said the rating reflected the company's support from the General Electric group, its very strong capitalisation and its very strong operating performance since its inception in 1995.
The agency added that the rating was off-set by the company's relatively small size and current reliance on a few key clients.
GE Mortgage Insurance is a wholly-owned subsidiary of US-based General Electric. It writes European (mainly UK) mortgage indemnity guarantee business.
The company average rate of return over the past four years has been 59.3%, while its average loss ratio was 38.1%.
