Standard & Poor’s said the ratings for Royal & SunAlliance Insurance and its subsidiaries were not affected by the drop in first quarter profits.
It said the group operating result had already been factored into R&SA’s ratings.
Underlying operating performance continues to improve, said S&P, reflecting the move to reduce the volume of premiums written through the disposal of unprofitable lines of business.
S&P said it expected retained earnings at R&SA to improve substantially in 2004, and for the group to demonstrate earnings capacity consistent with the current ratings going forward. It also expects R&SA to rebuild capital adequacy to a strong level in 2004.
The negative outlook on the rating continues to reflect the execution risks in the restructuring of R&SA’s US operations, and the possibility that its US-related losses could prevent the insurer from meeting S&P's expectations
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
