La Societe Hospitaliere d'Assurances Mutuelles Dec 09
- ID: 2044393
- December 2009
- Standard & Poors
Strong niche position in the hospital medical liability market in France. Good financial flexibility, underpinned by SHAM's ability to quickly implement large rate increases. Weakness of capitalization relative to ratings Still-high, albeit decreasing, exposure to market risk. The ratings on French mutual insurer SHAM (La Société Hospitalière d'Assurance Mutuelle) reflect Standard & Poor's Ratings Services' view of the company's good competitive position and its good financial flexibility. Partly offsetting these factors are SHAM's weak capitalization relative to the ratings, and still-high, albeit declining, exposure to market risk. We consider SHAM's competitive position as good, because of its long-standing presence in French public medical liability, where the company boasts a 72% market share. SHAM also enjoys good coverage of private hospitals,...
Companies mentioned in this report are:
- La Societe Hospitaliere d'Assurances Mutuelles
- Natixis S.A.
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