Tryggingamidstodin hf. http://www.alacrastore.com/company-snapshot/Tryggingamidstodin_hf-2516508 Tuesday, October 14, 2008 6:23:48 AM 2516508 Tryggingamidstodin hf. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/675944spcred/675944normThe latest News from S&Pglobal10/9/2008 3:37:18 PM100News675944IcelandMulti-line InsuranceEurope, Middle East, AfricaGlobal IssuersInsuranceNewsLONDON (Standard&Poor's) Oct. 9, 2008--Standard&Poor's Ratings Services said today that it lowered to 'BB' from 'BBB-' its long-term counterparty credit and insurer financial strength ratings on Iceland-based insurer Tryggingamidstödin hf. (TM) and its subsidiary Norway-based non-life insurer NEMI Forsikring ASA (NEMI). All ratings remain on CreditWatch with negative implications. "The downgrade reflects the further negative developments in Iceland over the last two days, and in particular the taking into receivership of the three major Icelandic banks," said Standard&Poor's credit analyst Rowena Potter. "Future ownership of both companies is very uncertain, with current owner Stodir hf. in bankruptcy protection until Oct. 20, 2008." TM will benefit from an element of regulatory protection from the IcelandicISL40301030 403010 4030 40Tryggingamidstodin hf.409318EUROMIDAFRTM@IRNEWSGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/675945spcred/675945normThe latest Research Update from S&Pglobal10/9/2008 3:37:18 PM175Research Update675945IcelandMulti-line InsuranceEurope, Middle East, AfricaGlobal IssuersInsuranceResearch UpdateOn Oct. 9, 2008, Standard&Poor's Ratings Services lowered to 'BB' from 'BBB-' its long-term counterparty credit and insurer financial strength ratings on Iceland-based insurer Tryggingamidstödin hf. (TM) and its subsidiary Norway-based non-life insurer NEMI Forsikring ASA (NEMI). All ratings remain on CreditWatch with negative implications. The downgrade reflects the further negative developments in Iceland over the last two days, and in particular the taking into receivership of the three major Icelandic banks. Future ownership of both companies is very uncertain, with current owner Stodir hf. (not rated) in bankruptcy protection until Oct. 20, 2008. TM will benefit from an element of regulatory protection from the Icelandic Financial Supervisory Authority, FME. However, it is difficult to predict the extentISL40301030 403010 4030 40Tryggingamidstodin hf.409318EUROMIDAFRTM@IRRESUPDNOR40301040 403010 4030 40NEMI Forsikring ASA381315EUROMIDAFRNEMI@NOGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/675456spcred/675456normThe latest News from S&Pglobal10/7/2008 3:29:47 PM100News675456IcelandMulti-line InsuranceEurope, Middle East, AfricaGlobal IssuersInsuranceNewsLONDON (Standard&Poor's) Oct. 7, 2008--Standard&Poor's Ratings Services said today that it placed its 'BBB-' long-term counterparty credit and insurer financial strength ratings on Iceland-based insurer Tryggingamidstödin hf. (TM) and its subsidiary Norway-based non-life insurer NEMI Forsikring ASA (NEMI) on CreditWatch with negative implications. The CreditWatch placement follows yesterday's announcement by the government of Iceland, authorizing the Icelandic Financial Supervisory Authority, FME, to take over commercial banks under certain conditions. Following this, Standard&Poor's downgraded its long- and short-term foreign currency sovereign ratings on the Republic of Iceland to 'BBB/A-3' from 'A-/A-2' (see "Republic of Iceland Ratings Lowered And Removed From CreditWatch Negative," published on Oct. 6, 2008). Subsequently, Standard&Poor's also downgraded its long-ISL40301030 403010 4030 40Tryggingamidstodin hf.409318EUROMIDAFRTM@IRNEWSGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/675457spcred/675457normThe latest Research Update from S&Pglobal10/7/2008 3:29:47 PM175Research Update675457IcelandMulti-line InsuranceEurope, Middle East, AfricaGlobal IssuersInsuranceResearch UpdateOn Oct. 7, 2008, Standard&Poor's Ratings Services placed its 'BBB-' long-term counterparty credit and insurer financial strength ratings on Iceland-based insurer Tryggingamidstödin hf. (TM) and its subsidiary Norway-based non-life insurer NEMI Forsikring ASA (NEMI) on CreditWatch with negative implications. The CreditWatch placement follows yesterday's announcement by the government of Iceland, authorizing the Icelandic Financial Supervisory Authority, FME, to take over commercial banks under certain conditions. Following this, Standard&Poor's downgraded its long- and short-term foreign currency sovereign ratings on the Republic of Iceland to 'BBB/A-3' from 'A-/A-2' (see "Republic of Iceland Ratings Lowered And Removed From CreditWatch Negative," published on Oct. 6, 2008). Subsequently, Standard&Poor's also downgraded its long- and short-term counterparty credit ratings onISL40301030 403010 4030 40Tryggingamidstodin hf.409318EUROMIDAFRTM@IRRESUPDNOR40301040 403010 4030 40NEMI Forsikring ASA381315EUROMIDAFRNEMI@NOGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/674393spcred/674393normThe latest News from S&Pglobal10/1/2008 8:26:32 AM100News674393IcelandMulti-line InsuranceEurope, Middle East, AfricaGlobal IssuersInsuranceNewsLONDON (Standard&Poor's) Oct. 1, 2008--Standard&Poor's Ratings Services said today that it revised to negative from stable its outlook on Iceland-based insurer Tryggingamidstödin hf. (TM) and its subsidiary Norway-based non-life insurer NEMI Forsikring ASA (NEMI). At the same time, Standard&Poor's affirmed its 'BBB-' long-term counterparty credit and insurer financial strength ratings on both entities. The outlook revision follows the announcement on Sept. 29, 2008, that TM's parent company, Stodir hf. (not rated), had filed for bankruptcy protection and that the government of Iceland had taken control of Stodir's 32%-owned subsidiary, Glitnir Banki hf. (BBB/Negative/A-3). As a result, Standard&Poor's downgraded its long- and short-term foreign currency sovereign ratings on the Republic of Iceland toISL40301030 403010 4030 40Tryggingamidstodin hf.409318EUROMIDAFRTM@IRNEWSNOR40301040 403010 4030 40NEMI Forsikring ASA381315EUROMIDAFRNEMI@NOGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/674394spcred/674394normThe latest Research Update from S&Pglobal10/1/2008 8:26:32 AM175Research Update674394IcelandMulti-line InsuranceEurope, Middle East, AfricaGlobal IssuersInsuranceResearch UpdateOn Oct. 1, 2008, Standard&Poor's Ratings Services revised to negative from stable its outlook on Iceland-based insurer Tryggingamidstödin hf. (TM) and its subsidiary Norway-based non-life insurer NEMI Forsikring ASA (NEMI). At the same time, Standard&Poor's affirmed its 'BBB-' long-term counterparty credit and insurer financial strength ratings on both entities. The outlook revision follows the announcement on Sept. 29, 2008, that TM's parent company, Stodir hf. (not rated), had filed for bankruptcy protection and that the government of Iceland had taken control of Stodir's 32%-owned subsidiary, Glitnir Banki hf. (BBB/Negative/A-3). As a result, Standard&Poor's downgraded its long- and short-term foreign currency sovereign ratings on the Republic of Iceland to 'A-/A-2' (see "Glitnir Bank Rating LoweredISL40301030 403010 4030 40Tryggingamidstodin hf.409318EUROMIDAFRTM@IRRESUPDNOR40301040 403010 4030 40NEMI Forsikring ASA381315EUROMIDAFRNEMI@NOGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/662558spcred/662558normThe latest Full Report from S&Pglobal7/31/2008 2:03:50 PM400Full Report662558IcelandMulti-line InsuranceEurope, Middle East, AfricaGlobal IssuersInsuranceFull ReportGood capitalization Good competitive position Good operating performance when viewed on a consolidated basis Marginal financial flexibility arising from parent's high debt leverage High industry and economic risk relative to other insurance markets Marginal quality of Icelandic earnings The ratings on Iceland-based insurer Tryggingamidstödin hf. (TM) reflect the group's good capitalization, good competitive position and good consolidated operating performance. These strengths are offset by TM's marginal financial flexibility arising from the high level of debt leverage in its parent company, Stodir (formerly FL Group; NR). Further negative factors are the Icelandic insurance market's high industry and economic risk profile and the marginal quality of TM's earnings in its Icelandic domestic market. TM's capitalization is considered good, with strong capital adequacyISL40301030 403010 4030 40Tryggingamidstodin hf.409318EUROMIDAFRTM@IRFULLGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/662561spcred/662561normThe latest Summary from S&Pglobal7/31/2008 2:03:50 PM175Summary662561IcelandMulti-line InsuranceEurope, Middle East, AfricaGlobal IssuersInsuranceSummaryThe ratings on Iceland-based insurer Tryggingamidstödin hf. (TM) reflect the group's good capitalization, good competitive position and good consolidated operating performance. These strengths are offset by TM's marginal financial flexibility arising from the high level of debt leverage in its parent company, Stodir (formerly FL Group; NR). Further negative factors are the Icelandic insurance market's high industry and economic risk profile and the marginal quality of TM's earnings in its Icelandic domestic market. TM's capitalization is considered good, with strong capital adequacy following a de-risking of the balance sheet at the end of 2007; this also brought about an improvement in the quality of capital. However, our overall view is constrained by the potential threat to capitalization derived from theISL40301030 403010 4030 40Tryggingamidstodin hf.409318EUROMIDAFRTM@IRSUMMARYGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/656384spcred/656384normThe latest News from S&Pglobal6/26/2008 3:28:53 PM100News656384IcelandMulti-line InsuranceEurope, Middle East, AfricaGlobal IssuersInsuranceNewsLONDON (Standard&Poor's) June 26, 2008--Standard&Poor's Ratings Services said today that it lowered to 'BBB-' from 'BBB' its long-term counterparty credit and insurer financial strength ratings on Iceland-based insurer Tryggingamidstödin hf. (TM) and its subsidiary, Norway-based non-life insurer NEMI Forsikring ASA. At the same time, the ratings were removed from CreditWatch, where they were placed with negative implications on June 6, 2008. The outlook on both entities is stable. "The rating actions reflect our concerns over the levels of debt leverage in the unrated parent company, Iceland-based investment holding company FL Group," said Standard&Poor's credit analyst Peter McClean. "These concerns relate particularly to the potential threat to the capitalization of TM and NEMI derived fromISL40301030 403010 4030 40Tryggingamidstodin hf.409318EUROMIDAFRTM@IRNEWSGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/656385spcred/656385normThe latest Research Update from S&Pglobal6/26/2008 3:28:53 PM175Research Update656385IcelandMulti-line InsuranceEurope, Middle East, AfricaGlobal IssuersInsuranceResearch UpdateOn June 26, 2008, Standard&Poor's Ratings Services lowered to 'BBB-' from 'BBB' its long-term counterparty credit and insurer financial strength ratings on Iceland-based insurer Tryggingamidstödin hf. (TM) and its subsidiary, Norway-based non-life insurer NEMI Forsikring ASA. At the same time, the ratings were removed from CreditWatch, where they were placed with negative implications on June 6, 2008. The outlook on both entities is stable. The rating actions reflect our concerns over the levels of debt leverage in the parent company, Iceland-based investment holding company FL Group (not rated). These concerns relate particularly to the potential threat to the capitalization of TM and NEMI derived from the uncertainty regarding FL's ability to service its debt obligations. In our view,ISL40301030 403010 4030 40Tryggingamidstodin hf.409318EUROMIDAFRTM@IRRESUPDNOR40301040 403010 4030 40NEMI Forsikring ASA381315EUROMIDAFRNEMI@NOGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/bir/1147574bir/1147574normTryggingamidstoedin hfIcelandInsurance: Insurance company6311632163315241135241145241269TM6/21/2008 6:42:00 AM1147574Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/spcred/652630spcred/652630normThe latest News from S&Pglobal6/6/2008 1:10:01 PM100News652630IcelandMulti-line InsuranceEurope, Middle East, AfricaGlobal IssuersInsuranceNewsLONDON (Standard&Poor's) June 6, 2008--Standard&Poor's Ratings Services said today that it placed its 'BBB' long-term counterparty credit and insurer financial strength ratings on Iceland-based insurer Tryggingamidstödin hf. (TM) and its subsidiary Norway-based non-life insurer NEMI Forsikring ASA on CreditWatch with negative implications. The CreditWatch placement reflects Standard&Poor's concerns over the increasing levels of debt leverage in the parent company, Iceland-based investment holding company FL Group (not rated). Uncertainty regarding FL's ability to service its debt obligations could have consequences for the capitalization of TM and NEMI. Standard&Poor's expects to resolve the CreditWatch status well before the end of June 2008, subject to further discussion with the management of FL and TM. AtISL40301030 403010 4030 40Tryggingamidstodin hf.409318EUROMIDAFRTM@IRNEWSGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/652631spcred/652631normThe latest Research Update from S&Pglobal6/6/2008 1:10:01 PM175Research Update652631IcelandMulti-line InsuranceEurope, Middle East, AfricaGlobal IssuersInsuranceResearch UpdateOn June 6, 2008, Standard&Poor's Ratings Services placed its 'BBB' long-term counterparty credit and insurer financial strength ratings on Iceland-based insurer Tryggingamidstödin hf. (TM) and its subsidiary Norway-based non-life insurer NEMI Forsikring ASA on CreditWatch with negative implications. The CreditWatch placement reflects Standard&Poor's concerns over the increasing levels of debt leverage in the parent company, Iceland-based investment holding company FL Group (not rated). Uncertainty regarding FL's ability to service its debt obligations could have consequences for the capitalization of TM and NEMI. Standard&Poor's expects to resolve the CreditWatch status well before the end of June 2008, subject to further discussion with the management of FL and TM. At this stage, Standard&Poor's believesISL40301030 403010 4030 40Tryggingamidstodin hf.409318EUROMIDAFRTM@IRRESUPDNOR40301040 403010 4030 40NEMI Forsikring ASA381315EUROMIDAFRNEMI@NOGLOBISSINSCredit & Investment ResearchS&P Credit Research