Hiscox upgraded to A+ by Fitch
Hiscox’s insurer financial strength rating has been raised to A+ by Fitch Ratings.
The ratings agency said the upgrade reflected Hiscox’s strong capital position and continued track record of profitability.
As well as upgrading the group’s core entities’ insurer financial strength ratings to A+, Fitch also upgraded all Hiscox’s holding companies’ long-term issuer default ratings to A-. The outlook on all the ratings is stable.
Stuart Bridges, group finance director of Hiscox, said: “This upgrade is pleasing and is a vindication of our strategy.
“Hiscox is a resilient business, the balance we have achieved between regional retail businesses and large ticket catastrophe risks allows us to adjust to changing market dynamics and maintain stability and profitability over time.”
Fitch noted that the stability of earnings has been aided by a diversified business mix, combining volatile and more stable-performing lines of business, and said it views Hiscox’s active cycle management positively.
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Published Aug 17, 2012 at 8:01 am (Updated Aug 17, 2012 at 8:00 am)