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A Comparison of Mutual and Shareholder Insurers in Europe Mar 01
Standard & Poors, March 2001
Abstract
Despite numerous high profile demutualization battles and the poor financial flexibility of many of Europe's mutual insurance companies, the financial strength of member-owned entities still compares favorably with their shareholder competitors, according to Standard & Poor's. The average insurer financial strength rating for a mutual at the end of the first quarter of 2000 was just 1.59 'notches' lower than that of shareholder companies--a 'notch' being the minor differentiator used by Standard & Poor's, for example, the difference between 'BBB-' and 'BBB'. 'This equates to an average 'BBB+' rating for mutuals against 'A-' for shareholder companies, showing that the differential is marginal,' Paul Waterhouse, director in Standard & Poor's Financial Services Group explains. Standard & Poor's findings follow a period...
Companies mentioned in this report are: Sweden (Kingdom of),France (Republic of) (Unsolicited Ratings),United Kingdom (Unsolicited Ratings),Spain (Kingdom of),Germany (Federal Republic of) (Unsolicited Ratings),Equitable Life Assurance Society (The)
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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