Here, S&P Global Ratings provides its long-term financial strength ratings (FSRs) and ratings scores for all the insurance companies where the main operations are within EMEA as of Sept. 30, 2021. The FSRs and component scores in the tables below are based on the main operating company within the group or the consolidated group, rather than the holding company.
We set out our methodology for assessing credit risk of insurers in "Insurers Rating Methodology," published on July 1, 2019, and this publication sets out the component scores that help us assess and opine on credit risk in this sector.
Table 1 shows the list of companies that have had changes to the financial strength ratings and/or scores since we last published "EMEA Insurers Ratings List: Financial Strength Ratings And Scores," July 14, 2021. Table 2 shows the list of companies that have had no changes.
Chart 1
Chart 2
Key To Abbreviations | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
BRP | Business risk profile | CP | Competitive position | IICRA | Insurance industry and country risk assessment | FRP | Financial risk profile | C&E | Capital and earnings | RE | Risk exposure |
FS | Funding structure | CRA | Comparable ratings analysis | GS | Group support | SACP | Stand-alone credit profile | GCP | Group credit profile | LC | Local currency |
FSR | Financial strength rating | V. strong | Very strong | V. low | Very low | M. low | Moderately low | M. high | Moderately high | M. negative | Moderately negative |
Sat. | Satisfactory | Int. | Intermediate | Excep. | Exceptional |
Table 1
Financial Strength Ratings And Component Scores--Changes | ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Entity Name | BRP | CP | IICRA | FRP | C&E | RE | FS | Anchor | Governance | Liquidity | CRA | SACP/GCP | GS | LC FSR | LC FSR Outlook | |||||||||||||||||
Al-Ahleia Insurance Co. S.A.K. |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Convex Re Ltd. |
Sat. | Sat. | Int. | Strong | Excellent | High | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Gothaer Allgemeine Versicherung AG |
Strong | Strong | Int. | Strong | Strong | M. low | Neutral | a | Neutral | Excep. | 0 | a- | 0 | A | Stable | |||||||||||||||||
Gulf Insurance Group K.S.C.P. |
Strong | Strong | Int. | Sat. | Strong | M. high | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Positive | |||||||||||||||||
Helvetia Schweizerische Versicherungsgesellschaft AG |
Strong | Strong | Low | V. strong | V. strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
Insurance Co. Jusan Garant JSC |
Weak | Fair | M. high | Marginal | Sat. | High | Neutral | bb- | Neutral | Adequate | 0 | bb- | 0 | BB- | Stable | |||||||||||||||||
Insurance Co. RESO-GARANTIA |
Sat. | Strong | M. high | Fair | Sat. | M. high | Neutral | bbb- | Neutral | Adequate | 0 | bbb- | 0 | BBB- | Positive | |||||||||||||||||
Kommunal Landspensjonskasse |
Strong | Strong | Int. | Strong | Strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
SALAMA/Islamic Arab Insurance Co. P.S.C. |
Sat. | Sat. | Int. | Fair | Strong | High | Neutral | bbb | Neutral | Adequate | 0 | bbb | 0 | BBB | Watch Neg | |||||||||||||||||
Sampo PLC |
V. strong | V. strong | Low | Strong | V. strong | M. high | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Positive | |||||||||||||||||
QLM Life & Medical Insurance Co. |
Sat. | Sat. | Int. | Strong | Strong | M. low | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Stable | |||||||||||||||||
All ratings are as of Sept. 30, 2021. *Capped by sovereign rating. §Government-related entity that receives support. BRP--Business risk profile. CP--Competitive position. IICRA--Insurance industry and country risk assessment. FRP--Financial risk profile. C&E--Capital and earnings. RE--Risk exposure. FS--Funding structure. CRA--Comparable ratings analysis. GS--Group support. SACP--Stand-alone credit profile. GCP--Group credit profile. LC--Local currency. FSR--Financial strength rating. V. strong--Very strong. V. low--Very low. M. low--Moderately low. M. high--Moderately high. M. negative--Moderately negative. Sat.--Satisfactory. Int.--Intermediate. Excep.--Exceptional. |
Table 2
Financial Strength Ratings And Component Scores | ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Entity Name | BRP | CP | IICRA | FRP | C&E | RE | FS | Anchor | Governance | Liquidity | CRA | SACP/GCP | GS | LC FSR | LC FSR Outlook | |||||||||||||||||
Abu Dhabi National Insurance Co. (PSC) |
Sat. | Sat. | Int. | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Achmea B.V. |
Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Adequate | 0 | a | 0 | A | Stable | |||||||||||||||||
AEGON N.V. |
V. strong | V. strong | Low | Strong | Strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
African Reinsurance Corp. |
Sat. | Strong | High | V. strong | Excellent | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Ageas SA/NV |
Strong | Strong | Int. | V. strong | V. strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
AIG MEA Ltd. |
Fair | Sat. | M. high | Sat. | Strong | M. high | Neutral | bbb | Neutral | Excep. | 0 | bbb | 3 | A | Watch Neg | |||||||||||||||||
AIG South Africa Ltd. |
Fair | Sat. | M. high | Fair | Sat. | M. high | Neutral | bb+ | Neutral | Excep. | 0 | bb+ | 0 | BB* | Stable | |||||||||||||||||
Al Buhaira National Insurance Co. (PSC) |
Sat. | Sat. | Int. | Fair | Strong | M. high | M. negative | bbb | M. negative | Less than adequate | 0 | bb+ | 0 | BB+ | Positive | |||||||||||||||||
Al Koot Insurance & Reinsurance Co. P.J.S.C. |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Al Wathba National Insurance Co. PJSC |
Fair | Fair | Int. | Fair | Strong | M. high | M. negative | bbb- | Neutral | Adequate | 0 | bbb- | 0 | BBB- | Stable | |||||||||||||||||
Alandia Forsakring Abp |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Negative | |||||||||||||||||
Alfastrakhovanie, OAO |
Sat. | Strong | M. high | Fair | Sat. | M. high | Neutral | bbb- | Neutral | Excep. | 0 | bbb- | 0 | BBB- | Stable | |||||||||||||||||
Al-Khaleej Takaful Insurance Co. Q.P.S.C. |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | bbb+ | M. negative | Adequate | 0 | bbb | 0 | BBB | Positive | |||||||||||||||||
Allianz SE |
V. strong | Excellent | Int. | V. strong | V. strong | M. low | Neutral | aa | Neutral | Excep. | 0 | aa | 0 | AA | Stable | |||||||||||||||||
Alte Leipziger Lebensversicherung a.G. |
Strong | Strong | Int. | Strong | Strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Amanat Insurance JSC |
Weak | Fair | M. high | Marginal | Sat. | High | Neutral | b+ | Neutral | Adequate | 0 | b+ | 0 | B+ | Stable | |||||||||||||||||
Ascot Group Ltd. |
Strong | Strong | Int. | Sat. | V. strong | High | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | |||||||||||||||||||
Aspen Insurance Holdings Ltd. |
Strong | Strong | Int. | Sat. | Excellent | High | M. negative | a- | Neutral | Adequate | 0 | a- | 0 | A- | Stable | |||||||||||||||||
ASR Nederland N.V. |
Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Assuranceforeningen SKULD (Gjensidig) |
Strong | Strong | Int. | Strong | Strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Aviva PLC |
V. strong | V. strong | Low | Strong | Strong | M. low | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Stable | |||||||||||||||||
AXA |
V. strong | Excellent | Int. | Strong | Strong | M. low | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Stable | |||||||||||||||||
Baloise Holding AG |
Strong | Strong | Low | Excellent | Excellent | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
Basel Insurance JSC |
Vulnerable | Weak | M. high | Fair | Sat. | M. high | Neutral | b | Neutral | Adequate | 0 | b | 0 | B | Stable | |||||||||||||||||
Belfius Insurance S.A. |
Sat. | Sat. | Int. | Strong | Strong | M. low | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Britannia Steam Ship Insurance Association Europe (The) |
Strong | Strong | Int. | V. Strong | Excellent | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Caisse Centrale de Reassurance |
Strong | Strong | Int. | Strong | Excellent | High | Neutral | a | Neutral | Adequate | 0 | 0 | AA§ | Stable | ||||||||||||||||||
CGPA |
Sat. | Sat. | Int. | V. strong | V. strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
CNP Assurances |
Strong | Strong | Low | Strong | Strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Compania Espanola de Seguros de Credito a la Exportacion S.A. |
Sat. | Sat. | Int. | V. strong | V. strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Covea Cooperations |
Strong | Strong | Int. | Excellent | Excellent | M. low | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Stable | |||||||||||||||||
DAS Rechtsschutz AG |
Fair | Fair | Low | Strong | Strong | M. low | Neutral | bbb | Neutral | Excep. | 0 | bbb | 3 | A | Stable | |||||||||||||||||
Deutsche Rueckversicherung AG |
Strong | Strong | Low | V. strong | Excellent | M. high | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
DEVK Deutsche Eisenbahn Versicherung Sach- und HUK-Versicherungsverein a.G. Betriebliche Sozialeinrichtung der Deutschen Bahn |
Strong | Strong | Low | Excellent | Excellent | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
Dina Forsakring AB |
Sat. | Sat. | Low | Strong | V. strong | M. high | Neutral | bbb+ | Neutral | Excep. | 0 | bbb+ | 0 | BBB+ | Stable | |||||||||||||||||
Doha Insurance Group Q.P.S.C. |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Ecclesiastical Insurance Office PLC |
Sat. | Sat. | Int. | Sat. | V. strong | M. high | M. negative | bbb+ | Neutral | Excep. | 1 | a- | 0 | A- | Stable | |||||||||||||||||
Echo Rueckversicherungs-AG |
Fair | Fair | Int. | Fair | Strong | High | Neutral | bbb- | Neutral | Adequate | 0 | bbb- | 3 | A- | Stable | |||||||||||||||||
Elba Assicurazioni SpA |
Fair | Fair | Int. | Strong | Strong | M. low | Neutral | bbb | Neutral | Adequate | 0 | bbb | 0 | BBB | Stable | |||||||||||||||||
Emirates Insurance Co. (PSC) |
Sat. | Sat. | Int. | V. strong | V. strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Energogarant PJSIC |
Fair | Sat. | M. high | Fair | Sat. | M. high | Neutral | bb+ | Neutral | Adequate | -1 | bb | 0 | BB | Stable | |||||||||||||||||
Eurasia Insurance Co. |
Sat. | Strong | M. high | Sat. | V. strong | High | Neutral | bbb | Neutral | Adequate | 0 | bbb | 0 | BBB | Stable | |||||||||||||||||
Eurasia Life JSC |
Weak | Fair | M. high | Sat. | Strong | M. high | Neutral | bb | Neutral | Adequate | 0 | bb | 2 | BBB- | Stable | |||||||||||||||||
FIATC Mutua de Seguros y Reaseguros |
Sat. | Sat. | Low | Strong | Strong | M. low | Neutral | bbb+ | Neutral | Adequate | 0 | bbb+ | 0 | BBB+ | Stable | |||||||||||||||||
Flood Re Ltd. |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 1 | a | 0 | A | Stable | |||||||||||||||||
Freedom Finance Insurance JSC |
Vulnerable | Weak | M. high | Fair | Sat. | M. high | Neutral | b | Neutral | Adequate | 0 | b | 0 | B | Stable | |||||||||||||||||
Freedom Finance Life JSC |
Weak | Fair | M. high | Weak | Fair | High | Neutral | b | Neutral | Excep. | 0 | b | 0 | B | Positive | |||||||||||||||||
Garantia Insurance Co. Ltd. |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Gard P&I (Bermuda) Ltd. |
Strong | Strong | Int. | V. strong | V. strong | M. low | Neutral | a+ | Neutral | Adequate | 0 | a+ | 0 | A+ | Negative | |||||||||||||||||
GIC Re South Africa Ltd. |
-- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | BB+** | Negative | |||||||||||||||||
Gjensidige |
Strong | Strong | Low | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Positive | |||||||||||||||||
Hannover ReTakaful B.S.C. |
Fair | Fair | Int. | Strong | Strong | M. low | Neutral | bbb+ | Neutral | Adequate | 0 | bbb+ | 3 | A+ | Stable | |||||||||||||||||
Hannover Rueck SE |
V. strong | V. strong | Int. | Strong | V. strong | M. high | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Stable | |||||||||||||||||
HDFC International Life and Re Co. Ltd. |
Fair | Fair | Int. | Strong | Strong | M. low | Neutral | bbb | Neutral | Excep. | 0 | bbb | 0 | BBB | Stable | |||||||||||||||||
HDI Haftpflichtverband der Deutschen Industrie V.a.G. |
Strong | Strong | Int. | V. strong | V. strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
HDI Versicherung AG (Austria) |
Sat. | Sat. | Low | Strong | Strong | M. low | Neutral | bbb+ | Neutral | Excep. | 0 | bbb+ | 2 | A | Stable | |||||||||||||||||
Hiscox Ltd. |
Strong | Strong | Int. | Sat. | Sat. | M. low | Neutral | a- | Neutral | Excep. | 1 | a | 0 | A | Stable | |||||||||||||||||
Ingosstrakh Insurance Co. |
Sat. | Strong | M. high | Sat. | V. strong | High | Neutral | bbb | Neutral | Excep. | -1 | bbb- | 0 | BBB- | Positive | |||||||||||||||||
International General Insurance Co. Ltd. |
Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Stable | |||||||||||||||||
IPB Insurance CLG |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
KBC Insurance N.V. |
Strong | Strong | Int. | Strong | Strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 1 | A | Negative | |||||||||||||||||
KLPP Insurance and Reinsurance Co. Ltd. |
Weak | Fair | M. high | Strong | V. strong | M. high | Neutral | bb+ | Neutral | Excep. | 0 | bb+ | 0 | BB+ | Stable | |||||||||||||||||
La Mondiale |
Strong | Strong | Low | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Lansforsakringar AB |
Strong | Strong | Low | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Legal & General Group PLC |
V. strong | V. strong | Low | Strong | Strong | M. low | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Stable | |||||||||||||||||
Lexgarant Insurance Co. Ltd. |
Weak | Fair | M. high | Marginal | Sat. | High | Neutral | bb- | Neutral | Adequate | 0 | bb- | 0 | BB- | Stable | |||||||||||||||||
Life Insurance Co. Nomad Life JSC |
Fair | Sat. | M. high | Fair | Sat. | M. high | Neutral | bb+ | Neutral | Excep. | 0 | bb+ | 0 | BB+ | Stable | |||||||||||||||||
Liverpool Victoria Financial Services Ltd. |
Sat. | Sat. | Low | Strong | Excellent | M. high | M. negative | bbb+ | Neutral | Excep. | 0 | bbb+ | 0 | BBB+ | Stable | |||||||||||||||||
Lloyd's |
V. strong | V. strong | Int. | Sat. | V. strong | High | Neutral | a+ | Neutral | Adequate | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
LocalTapiola General Mutual Insurance Co. |
Strong | Strong | Low | V. strong | Excellent | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
London Steam-Ship Owners' Mutual Insurance Assn. Ltd. (The) |
Fair | Fair | Int. | Sat. | Strong | M. high | Neutral | bbb | Neutral | Excep. | 0 | bbb | 0 | BBB | Negative | |||||||||||||||||
London-Almaty Insurance Co. JSC |
Weak | Fair | M. high | Marginal | Sat. | M. high | Neutral | bb- | Neutral | Adequate | 0 | bb- | 0 | BB- | Stable | |||||||||||||||||
M&G PLC |
Strong | Strong | Low | V. strong | V. strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
Mapfre S.A. |
V. strong | V. strong | Int. | Strong | Strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
MetLife Europe d.a.c. |
Sat. | Sat. | Int. | Sat. | Strong | M. high | Neutral | bbb+ | Neutral | Excep. | 0 | bbb+ | 3 | A+ | Stable | |||||||||||||||||
Munich Reinsurance Co. |
V. strong | Excellent | Int. | Strong | V. strong | M. high | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Stable | |||||||||||||||||
Nacional de Reaseguros S.A. |
Strong | Strong | Low | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
NN Group N.V. |
Strong | Strong | Int. | Strong | Strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Nomad Insurance Co. |
Fair | Sat. | M. high | Marginal | Sat. | High | Neutral | bb- | Neutral | Adequate | 0 | bb- | 0 | BB- | Stable | |||||||||||||||||
North of England Protecting & Indemnity Association Ltd. (The) |
Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Adequate | 0 | a | 0 | A | Negative | |||||||||||||||||
Norwegian Hull Club |
Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Adequate | 0 | a | 0 | A | Stable | |||||||||||||||||
NPA Insurance Ltd. |
Fair | Fair | Int. | Sat. | Sat. | M. low | Neutral | bbb | Neutral | Excep. | 0 | bbb | 0 | BBB | Stable | |||||||||||||||||
Oil Insurance Co. JSC |
Weak | Fair | M. high | Marginal | Sat. | High | Neutral | b+ | Neutral | Adequate | 0 | b+ | 0 | B+ | Stable | |||||||||||||||||
Old Mutual Ltd. |
Sat. | Strong | M. high | Fair | Sat. | M. high | Neutral | bbb- | Neutral | Excep. | 0 | bbb- | 0 | BB* | Stable | |||||||||||||||||
Oman Insurance Co. (PSC) |
Sat. | Sat. | Int. | V. strong | V. strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Positive | |||||||||||||||||
Orient Insurance P.J.S.C. |
Sat. | Strong | Int. | V. strong | Excellent | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
PASHA Insurance OJSC |
Fair | Strong | High | Marginal | Sat. | High | Neutral | bb | Neutral | Adequate | 0 | bb | 0 | BB | Stable | |||||||||||||||||
Powszechny Zaklad Ubezpieczen S.A. |
Strong | V. strong | M. high | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
PRI Pensionsgaranti Mutual Insurance Co. |
Strong | Strong | Low | Strong | V. strong | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Prudential plc |
V. strong | Excellent | Int. | V. strong | V. strong | M. low | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Stable | |||||||||||||||||
Qatar Insurance Co. Q.S.P.C. |
Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Adequate | 0 | a | 0 | A | Negative | |||||||||||||||||
Ras Al-Khaimah National Ins Co. |
Sat. | Sat. | Int. | Strong | Strong | M. low | Neutral | bbb+ | Neutral | Adequate | 0 | bbb+ | 0 | BBB+ | Stable | |||||||||||||||||
Rosgosstrakh PJSC |
Fair | Sat. | M. high | Fair | Sat. | M. high | Neutral | bb+ | Neutral | Adequate | -1 | bb | 0 | BB | Stable | |||||||||||||||||
Santam Ltd. |
Sat. | Strong | M. high | Fair | Fair | M. low | Neutral | bbb- | Neutral | Adequate | 0 | bb | 0 | BB* | Stable | |||||||||||||||||
Sava Re |
Strong | Strong | Int. | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
SCOR SE |
V. strong | V. strong | Low | Strong | V. strong | M. high | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Stable | |||||||||||||||||
Scottish Widows Ltd. |
Strong | Strong | Low | Strong | Strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Negative | |||||||||||||||||
Seib Insurance and Reinsurance Co. LLC |
Fair | Fair | Int. | Sat. | Sat. | M. low | Neutral | bbb | Neutral | Adequate | 0 | bbb | 0 | BBB | Stable | |||||||||||||||||
Sharq Insurance LLC |
Fair | Fair | Int. | Fair | Strong | High | Neutral | bb+ | M. negative | Excep. | 0 | bb | 3 | BBB | Stable | |||||||||||||||||
Shipowners' Mutual Protection & Indemnity Association (Luxembourg) |
Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Sinoasia B&R Insurance JSC |
Weak | Fair | M. high | Sat. | Sat. | M. low | Neutral | bb | Neutral | Excep. | 0 | bb | 0 | BB | Stable | |||||||||||||||||
SiriusPoint Ltd. |
Strong | Strong | Int. | Sat. | V. Strong | High | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Negative | |||||||||||||||||
Societa Cattolica di Assicurazione |
Strong | Strong | Int. | Sat. | Sat. | M. low | Neutral | bbb+ | Neutral | Excep. | 0 | bbb+ | 0 | BBB* | Watch Pos | |||||||||||||||||
Societe Centrale Prevoir |
Sat. | Sat. | Low | V. strong | V. strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
St. James's Place U.K. PLC |
Sat. | Sat. | Low | Strong | Strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Standard Club UK Ltd. (The) |
Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Negative | |||||||||||||||||
Steamship Mutual Underwriting Assn. (Bermuda) Ltd. (The) |
Strong | V. strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Storebrand ASA |
Strong | Strong | Int. | Sat. | Strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Sveriges Angfartygs Assurans Forening (The Swedish Club) |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Swiss Life AG |
Strong | Strong | Low | V. strong | V. strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
Swiss Re Ltd. |
V. strong | Excellent | Int. | Strong | V. strong | M. high | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Negative | |||||||||||||||||
Tawuniya/The Co. for Cooperative Insurance |
Strong | Strong | Int. | Sat. | Sat. | M. low | Neutral | bbb+ | Neutral | Excep. | 0 | bbb+ | 0 | BBB+ | Positive | |||||||||||||||||
Temiryol-Sugurta LLC |
Weak | Fair | High | Marginal | Sat. | High | Neutral | b+ | Neutral | Adequate | 0 | b+ | 0 | B+ | Stable | |||||||||||||||||
Triglav Re, Reinsurance Co. Plc |
Strong | Strong | Int. | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
UNIQA Insurance Group AG |
Strong | Strong | Int. | Strong | V. strong | M. low | M. negative | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
United Kingdom Mutual Steam Ship Assurance Association Ltd. (The) |
Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Negative | |||||||||||||||||
UNUM Ltd. |
Sat. | Sat. | Low | Sat. | Sat. | M. low | Neutral | bbb+ | Neutral | Excep. | 0 | bbb+ | 1 | A- | Stable | |||||||||||||||||
Versicherungskammer Bayern Versicherungsanstalt des oeffentlichen Rechts |
Strong | Strong | Int. | Sat. | Sat. | M. low | Neutral | a- | Neutral | Excep. | 1 | a | 0 | A | Stable | |||||||||||||||||
VHV Vereinigte Hannoversche Versicherung a.G. |
Strong | Strong | Low | Excellent | Excellent | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe |
Strong | Strong | Int. | V. strong | V. strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
Walaa Cooperative Insurance Co. |
Sat. | Sat. | Int. | V. strong | V. strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Warba Insurance Co. K.S.C.P. |
Fair | Fair | Int. | Strong | V. strong | M. high | Neutral | bbb | Neutral | Adequate | 0 | bbb | 0 | BBB | Stable | |||||||||||||||||
Wataniya Insurance Co. |
Sat. | Sat. | Int. | Sat. | Strong | M. high | Neutral | bbb | Neutral | Adequate | 0 | bbb | 0 | BBB | Stable | |||||||||||||||||
West of England Ship Owners Mutual Insurance Association (Luxembourg) |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Negative | |||||||||||||||||
Wuerttembergische Lebensversicherung AG |
Strong | Strong | Int. | Strong | Strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | -1 | A- | Stable | |||||||||||||||||
Zurich Insurance Co. Ltd. |
V. strong | Excellent | Int. | V. strong | V. strong | M. low | Neutral | aa | Neutral | Excep. | 0 | aa | 0 | AA | Stable | |||||||||||||||||
*Capped by sovereign rating. **The rating factors in support from the parent company. §Government-related entity that receives support. BRP--Business risk profile. CP--Competitive position. IICRA--Insurance industry and country risk assessment. FRP--Financial risk profile. C&E--Capital and earnings. RE--Risk exposure. FS--Funding structure. CRA--Comparable ratings analysis. GS--Group support. SACP--Stand-alone credit profile. GCP--Group credit profile. LC--Local currency. FSR--Financial strength rating. V. strong--Very strong. V. low--Very low. M. low--Moderately low. M. high--Moderately high. M. negative--Moderately negative. Sat.--Satisfactory. Int.--Intermediate. Excep.--Exceptional. |
This report does not constitute a rating action.
Primary Credit Analyst: | Kai B Mirza, London + 44 20 7176 3980; kai.mirza@spglobal.com |
Secondary Contacts: | Mark D Nicholson, London + 44 20 7176 7991; mark.nicholson@spglobal.com |
Liesl Saldanha, London + 44 20 7176 0489; liesl.saldanha@spglobal.com | |
Research Contributor: | Rachit Chauhan, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai |
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