Standard & Poor’s Ratings Services announced that it has assigned its ‘”A-” insurer financial strength rating to U.K.-based non-life insurer MMA Insurance PLC with a negative outlook.
“MMA Insurance PLC is a midsize, U.K.-based broker-only insurer, underwriting both personal and commercial lines insurance,” said S&P. “The assignment of the rating follows the receipt by MMA Insurance PLC of a guarantee from its parent, Les Mutuelles du Mans Assurances IARD (MMA IARD; A-/Negative/–), which took effect on Oct. 18, 2004.
“This explicit support agreement meets Standard & Poor’s guarantee criteria and is governed by French law.” S&P said it “expects MMA IARD to ensure that claims made by MMA Insurance PLC policyholders are paid. As a consequence, the ratings on MMA Insurance PLC will move in tandem with those on MMA IARD.
“The outlook on MMA Insurance PLC reflects that on its guarantor, MMA IARD.”
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