Gibraltar insurer Southern Rock's ratings have received a boost following the company's development of online distribution channels.
Standard & Poor's has upgraded Southern Rock's long-term counterparty credit and insurer financial strength ratings from BB- to BB, with a stable outlook.
S&P has indicated Southern Rock's competitive position is marginal, but improving. Although the insurer is a new operation, relatively small and dependent on reinsurance, the ratings agency has commended its capitalization and good operating performance.
Standard & Poor's credit analyst Nigel Bond said: “The stable outlook reflects Standard & Poor's expectation that Southern Rock will deliver a net profit for 2006 on net premiums written in excess of £13 million, and an underwriting profit (before allowing for other technical income), while doubling both its gross and net premiums written in 2007.”
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