Standard & Poor's (S&P) has said its ratings and outlook on legal expenses insurance underwriter DAS Legal Expenses are not affected by the suspension of several members of its senior management team.
The suspension is pending an internal investigation into their activities following the disclosure that they are engaged in plans to establish a competing business.
S&P said in a statement: "While the announcement has clear commercial ramifications for DAS UK in terms of the potential loss of senior underwriting talent, strain on depleted managerial resources, and possible client migration, Standard & Poor's does not believe that these concerns undermine DAS UK's strategically important position within the ERGO group (main operating entities are rated A+/Stable/--)."
