AM Best assigns credit ratings to subsidiaries of RSA Insurance Group Limited | Business Insurance

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LONDON–(COMMERCIAL WIRE)–I am better has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a+” (Excellent) to RSA Insurance Ireland DAC (RSAI Ireland) (Ireland), RSA Luxembourg SA (RSAL) (Luxembourg) , Royal & Sun Alliance Reinsurance Limited (RSA Re) (UK) and The Marine Insurance Company Limited (MIC) (UK). All four entities are wholly owned subsidiaries of RSA Insurance Group Limited (RSA), a non-operating holding company ultimately owned by Intact Financial Corporation (IFC). The outlook assigned to these Credit Ratings is stable.

The ratings reflect the strength of RSA’s consolidated balance sheet, which AM Best assesses as very strong, as well as the group’s adequate operating performance, neutral business profile and adequate management of business risk. The ratings also consider, in the form of a lift, the support of its parent company, IFC. The ratings of RSAI Ireland, RSAL and RSA Re take into account their strategic importance and their integration within the RSA group; MIC’s ratings take into account the significant reinsurance support it receives from Royal & Sun Alliance Insurance Limited (RSAI), an affiliated company.

RSAI Ireland offers personal and business insurance predominantly in Ireland. It is strategically important to RSA and makes an important contribution to the group’s business profile. RSAI Ireland benefits from intra-group reinsurance support from RSAI in the form of a significant share agreement of 90% on long tail lines and 50% on short tail lines, after third party reinsurance.

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RSAL was established to serve policyholders throughout the European Economic Area following the UK’s departure from the European Union. The company was incorporated on November 7, 2017. RSAL benefits from intragroup reinsurance support from RSAI in the form of an 83% quota share after third party reinsurance.

RSA Re acts as an intra-group reinsurer for the international insurance activities of the RSA global network. RSA Re benefits from a credit risk insurance agreement with RSAI, which provides coverage for third-party reinsurer default.

MIC was incorporated on January 1, 1881 in the United Kingdom and writes marine, aviation, transportation and renewable energy insurance businesses in the United States. MIC benefits from significant explicit support from the RSA group in the form of a 100% quota share treaty provided by RSAI, after third party reinsurance.

This news release relates to credit ratings that have been posted on the AM Best website. For full rating information related to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity Web page. For additional information on the use and limitations of credit rating opinions, see Best Credit Score Guide. For information on the proper use of Best’s Credit Ratings, Best’s Performance Reviews, Best’s Preliminary Credit Reviews, and AM Best’s press releases, see Guide to the proper use of Best ratings and evaluations.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company operates in more than 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information visit www.ambest.com.

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