Standard & Poor's has placed its BBB- long-term counterparty credit and insurer financial strength ratings for De Montfort Insurance on CreditWatch with developing implications.
The ratings change was announced after HCC Insurance acquired a 34% stake De Montfort's parent, De Montfort Group Ltd.
Standard & Poor's credit analyst Marco Sindaco said the CreditWatch placement reflected the uncertain impact of the acquisition on De Montfort's competitive position.
