Standard & Poor's (S&P) has today updated its criteria for rating insurance groups.

The ratings agency said it has also clarified how the group status of insurance and reinsurance subsidiaries is determined.

The report: Insurance criteria update: what makes an insurance or reinsurance subsidiary 'core' under group rating methodology? is expected to give insurers an insight into how ratings are assigned to ‘core' companies.

“Company managements' usage of the term 'core' may differ from S&P's definition, and the report clarifies our criteria,” a statement said.

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