Upgrade reflects financial strength of parent company
Intermediary only insurer, MMA has been assigned a Financial Strength Rating of ‘A‘ from Standard & Poor’s.
In a statement the company said the re-rating from ‘A-‘‘ to ‘A’, reflected the financial and trading strength of the company’s parent, MMA IARD Assurances Mutuelles, part of the Covéa group, which has also had its rating increased to ‘A’.
Commenting on the new rating, Garry Fearn, MMA’s Chief Executive, said: “This improved rating demonstrates that our strategy of concentrating on those market segments where MMA has the knowledge and underwriting expertise to write profitable business is proving successful. It also reflects our parent’s ongoing and strong commitment to MMA Insurance and the UK market.
“We are seeing strong performance across all our key lines of business and this year will see us continue to build on the growth in our commercial lines. This strengthened rating provides further reassurance to our intermediary partners of MMA’s trading ability and will be an important aspect of our growth strategy.”
Performance figures for 2006 published in May this year showed MMA’s Household and Commercial Property portfolios delivered strong premium growth, exceeding 20% for both classes.