Direct Line subsidiary awarded 'A' credit rating
UK Insurance, the main operating insurance subsidiary of Direct Line Insurance Group (DLG), has been assigned an ‘A’ financial strength and counterparty credit rating by Standard & Poor’s (S&P).
According to S&P the personal lines underwriter has a strong capital adequacy ratio, strong competitive position and a conservative investment portfolio.
It also assigned a stable outlook to the provider.
However the rating agency detailed that the provider was rated in relation to RBS Group (RBSG) which meant a change in the majority owner's rating may be replicated on UK Insurance.
It added that there were credit rating risks surrounding the divestment of DLG from RBSG.
A statement from S&P
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