Standard & Poor’s Ratings Services has raised its long-term counterparty credit and insurer financial strength ratings on Belgian reinsurer Secura N.V. to “AA-” from “A+” and assigned a stable outlook.
“The upgrade reflects the strengthening of the guarantee provided to Secura from parent company KBC Insurance N.V.,” explained S&P credit analyst Virginie Crepy.
S&P noted: “The guarantee relates to all current and future (re)insurance contracts issued by Secura and has very limited scope for termination.
“The stable outlook reflects that on parent and guarantor KBC Insurance. The most likely circumstance leading to upward pressure on the ratings would be an upgrade of the ratings on KBC Insurance, though the current outlook on the parent is stable. The most likely scenario for downward pressure on the ratings would be a change in ownership of Secura resulting in the cancellation of the existing guarantee in respect of obligations subsequently assumed.”
Was this article valuable?
Here are more articles you may enjoy.
Here’s a Look at the $100 Billion in Disaster Relief in the Government Spending Bill 
Advocacy Groups Ask FIO to Release Homeowners Insurance Data Collected by NAIC 
Google Contract Staff Reach Union Deal Banning Keystroke Monitoring 
It’s Beginning to Look Like Another Record for Holiday Travel 
Want to stay up to date?
Get the latest insurance news
sent straight to your inbox.