Moody's Investors Service has upgraded the European Ratings of the Royal & Sun Alliance Group (R&SA)...
Moody's Investors Service has upgraded the European Ratings of the Royal & Sun Alliance Group (R&SA) from IFSR Baa2 to Baa1.
The ratings agency also assigned a stable outlook to the group.
Moody's said that the upgrade reflected the significant progress the insurer had made in restructuring and repositioning the business, and in improving the underlying operating performance of the Group's core operations.
The ratings agency also pointed to R&SA's strengthened capital position and moderate levels of financial leverage.
Moody's did express ongoing concern about the winding-down of R&SA's US business and the challenge of maintaining underwriting discipline in a softening rate environment.
