International ratings agency Standard & Poor's has affirmed its A-minus counterparty credit and insurer financial strength ratings on UK-based BRIT Insurance, thanks to the company's "very strong capital adequacy".
S&P said the ratings also reflected "an able management team with strong credentials for conducting certain specialised lines of financial risk business".
However, it said the ratings were offset by BRIT's moderate, but improving, business position, and a volatile earnings history on its catastrophe book.
The outlook is stable.
BRIT was founded in 1993 and has traditionally focussed on modest amounts of catastrophe reinsurance business.
However, since the beginning of 1999, the company has diversified into mortgage indemnity business and other financial lines.
S&P said it expected these lines to account for an increasing proportion of inforce risks.
