Sirius International Insurance Company has had its rating increased by Moody's to "positive" from "stable" after producing profitable growth in a competitive environment in 2000.
Until 2000, traditional reinsurance represented most of its business. But finite reinsurance and financial risks, most through subsidiary Scandinavian Re, accounted for 60% of its income last year.
However, while Sirius has an improved underwriting performance, it still has a comparatively weak brand and franchise in a mature but changing industry. There is also concern that the majority non-traditional reinsurance business could make income volatile.
Moody's added: "A major obstacle for Sirius will be a continued expansion without allowing the quality of business to concurrently deteriorate."
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
