Ratings agency Moody's has changed Stockholm-based insurer If's outlook from positive to stable. The outlook was changed for three companies - If Property & Casualty Insurance Ltd, If Industrial Insurance Company, and If Insurance Company.
This reflects the significant 2001 losses due to large claims in the energy sector, higher loss frequency in Norway and Sweden, and reserves strengthening and restructuring costs.
The A2 financial strength rating of the three entities has also been affirmed. This rating is based on the company's strong franchise in Norway, Sweden and Finland, its market leadership in this region, its good risk diversification and its core of non-life insurance business.
