Nationale Borg Group Jan 12
Standard & Poors, January 2012
Abstract
Strong and stable underwriting performance over the cycle. Solid capitalization with strong capital adequacy. Sound investments and liquidity position. Good and defendable competitive position, but only in the narrow surety insurance market in the Benelux countries. Financial flexibility that we assess as only good for the rating level. The ratings on Netherlands-based direct surety insurer and surety and credit reinsurer Nationale Borg Group (NB) are based on the ratings of its core operating entity, the Netherlands-based surety insurer Nationale Borg-Maatschappij N.V. (NBM; A-/Stable/--) and the Cura-ao-based credit and surety reinsurer Nationale Borg Reinsurance N.V. (NBRe; A-/Stable/--). The ratings on NB reflect Standard & Poor's Ratings Services' opinion of the group's strong operating performance, solid capitalization, and sound investments and liquidity...
Companies mentioned in this report are: Nationale Borg Reinsurance N.V.,Nationale Borg-Maatschappij N.V.
Action: Review
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: Full Analysis
Nationale Borg Reinsurance N.V.,Nationale Borg-Maatschappij N.V.
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