INTERNATIONAL rating agency Fitch said on Thursday it had affirmed its national insurer financial strength (IFS) rating of AA+ to South African insurer Santam Limited. Fitch said it had also upgraded Santam’s international IFS rating to BBB+ from BBB. The rating outlook was stable, it said. ”The rating reflects Santam’s excellent underwriting record, its strong solvency margin and its leading position in the South African non-life insurance market following the merger with Guardian National Insurance,” Fitch said. The rating took into consideration Santam’s exposure to adverse economic conditions in South Africa and recognised that the company was well positioned to defend its leading position in the market, Fitch said. – Reuters
Wednesday September 5, 2001