Standard & Poor’s Ratings Services said today that it affirmed its ‘A+’ long-term counterparty credit and insurer financial strength ratings on Dublin-based Wagram Insurance Co. Ltd. (Wagram). The outlook is stable.
Wagram is the wholly owned, Dublin-based captive subsidiary of electric utility company Electricite de France S.A. (EDF; A+/Stable/A-1), and qualifies as a captive insurer under Standard & Poor’s rating criteria.
As such, we rate Wagram at a level commensurate with the ratings on its parent.
Wagram is regarded as an integral part of EDF’s risk management strategy. It is the sole captive insurer of the EDF group, and solely writes business emanating from the group. Wagram was established in 2004 in order to offer insurance cover worldwide to EDF companies. In turn, Wagram remains wholly reliant on EDF for the preservation of its competitive position and financial flexibility. Hence, Wagram’s fortunes are inextricably linked to those of EDF.
The stable outlook on Wagram reflects the stable outlook on its parent.
The ratings and outlook on the parent will determine those on Wagram for as long as Wagram continues to qualify as a captive insurer under Standard & Poor’s rating criteria.
