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'AA-' Ratings on Sirius International Insurance Corp. Affirmed; Outlook Stable Jul 01
Standard & Poors, July 2001
Abstract
LONDON (Standard & Poor's CreditWire) July 23, 2001--Standard & Poor's today affirmed its double-'A'-minus counterparty credit and insurer financial strength ratings on Sweden-based Sirius International Insurance Corp. (Sirius). The outlook remains stable. The affirmation is based on Sirius' strengthening business position, strong underwriting skills, and extremely strong capital base. Offsetting factors are the company's comparatively small size and limited, but improving, global presence. Sirius, a wholly owned subsidiary of ABB Ltd. (ABB; AA-/Positive/A-1+) is a reinsurer and commercial insurer that writes nonlife, accident & health, and financial risks. In 2000, gross premiums written amounted to Swedish krona (Skr) 7.2 billion ($765 million) on a capital base of Skr10,257 million. Sirius is the 68th-largest reinsurer as measured by 1999 net premiums...
Companies mentioned in this report are: Sirius International Insurance Corp.,ABB Ltd.
Action: Affirmed
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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