The outlook for both ratings is stable. The ratings of HICI reflect the consolidation of HICI and its inactive subsidiary,
The upgrading of HICI's ICR reflects the same rating action for HICI's affiliate,
HICI continues to maintain a strong level of stand-alone capitalization, which is driven by low underwriting leverage and minimal investment leverage.
Positive rating actions for HICI are unlikely in the near term. Factors that may lead to negative rating actions include a material deterioration in the company's risk-adjusted capitalization, significant weakening in its operating results, any negative rating actions taken on Hiscox Bermuda and/or any lessening of support (implied or explicit) provided to HICI by
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