Fitch Ratings, the global rating agency has affirmed Sterling Insurance and Sterling Life Insurer Financial Strength (IFS) ratings at ‘BBB+’ with a stable outlook. The companies are the underwriting members of the UK-based Sterling Insurance Group Limited (Sterling).
The affirmation reflects Fitch’s expectation that the capital position of Sterling will remain stable and supportive of the ratings and also reflects strong profitability in 2011, driven by continuous improvement in its underwriting performance.
John Blundell MD for Sterling Insurance Group comments: “Achieving this outlook is very satisfying and is a vindication of our strategy to provide market leading client and customer service in our chosen markets. The positive factors highlighted by Fitch are our continued capital strength, improved profitability and the growth in our administration business. The ratings agency also recognised our strong reputation in the distribution market as a positive. We approach 2013 with real optimism as well as all the challenges it will bring.”
