Standard & Poor’s Ratings Services announced that it has affirmed its “A-” long-term counterparty credit and insurer financial strength ratings on U.K.-based P/C insurer Hiscox Insurance Co. Ltd. (HISCO), a subsidiary of Hiscox PLC, with a stable outlook.
“The ratings reflect HISCO’s strong and stable capitalization, consistently strong investment profile, and improved, strong operating performance,” said S&P credit analyst Nigel Bond. “Offsetting factors include slow progress in finding a new managing director, and the lack of a well-defined timetable for the profitable development of the European operations.”
S&P said the stable outlook reflects its opinion that “no significant change is likely in any of the major positive rating factors over the rating horizon.” It also indicated that it “expects resolution of its concerns about the vacant managing director position and the long-term performance of the European operations” in the first half of 2005.
The rating agency warned, however, that “any significant deterioration in Standard & Poor’s assessment of Hiscox PLC’s principal operation, Hiscox – Syndicate 0033 (LSA 3pi), which forms part of Hiscox PLC’s consolidated capital that is consistent with the ratings on HISCO, would lead to a review of those ratings.”
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