Rating agency Moody's has confirmed its A2 insurance financial strength rating (IFSR) on Sirius International Insurance Corporation (Sirius). The rating outlook is
stable.
Moody's said, following the significant losses in 2001 produced by Sirius' subsidiary, Scandanavian Re (Scan Re) and its subsequent run-off, it had previously downgraded Sirius' IFSR from A1, negative outlook, to A2.
The A2 rating was kept under review pending clarification of the magnitude of Scan Re's losses.
Moody's said that it had now completed its review of Sirius. Although the rating agency sees the potential for further reserve deterioration at Scan Re, its concerns are mitigated by Sirius' continued strong capitalisation, via untaxed reserves, and proven underwriting ability.
