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S&P Credit Research5957 word report
published Oct 22, 2009
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S&P Credit Research
| Abstract: | Good capitalization. Marginal operating performance. Marginal competitive position. The ratings on Iceland-based insurer Tryggingamidstödin hf. (TM) reflect the group's marginal operating performance and marginal competitive position, offset by good capitalization. Standard&Poor's Ratings Services views TM's operating performance, with its long period of undesirably high combined ratios and strong dependence on investment returns, as marginal, particularly in the light of the heavy losses reported in 2008. TM's operating performance has also been exacerbated by even greater losses in its former subsidiary, Norway-based non-life insurer NEMI Forsikring ASA (NEMI; not rated), which was sold to Copenhagen-based insurer Alpha Group (not rated) in April 2009. Although we expect a slight improvement in 2009, the continued above-average exposure to equities (albeit much
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| Brief Excerpt: | RESEARCH Ratings Definitions Tryggingamidstodin hf. Publication date: 22-Oct-2009 Primary Credit Analyst: Peter McClean, London (44) 20-7176-7075; peter_mcclean@standardandpoors.com Secondary Credit Analyst: Rowena Potter, London...
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| Report Type: | Full Report
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| Ticker: | TM@IR
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| Issuer: | Tryggingamidstodin hf.
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| GICS: | Multi-line Insurance (40301030)
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| Sector: | Global Issuers
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| Country: | Iceland
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| Region: | Europe, Middle East, Africa
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
Also from S&P Credit Research
- Summary: Tryggingamidstodin hf. $175.00
The ratings on Iceland-based insurer Tryggingamidstödin hf. (TM) reflect the group's marginal operating performance and marginal competitive position, offset by good capitalization. Standard&Poor's Ratings Services views TM's operating performance, ...
- Icelandic Insurer Tryggingamidstodin hf. 'BB' Ratings Affirmed; Removed From Watch Developing, Outlook Stable $100.00
Tryggingamidstödin hf. (TM) is demonstrating good capitalization despite a marginal operating performance and competitive position. We are affirming our 'BB' ratings on TM. At the same time, we are removing them from CreditWatch, where they ...
- Research Update: Icelandic Insurer Tryggingamidstodin hf. 'BB' Ratings Affirmed; Removed From Watch Developing; Outlook Stable $175.00
Tryggingamidstödin hf. (TM) is demonstrating good capitalization despite a marginal operating performance and competitive position. We are affirming our 'BB' ratings on TM. At the same time, we are removing them from CreditWatch, where they ...
- Tryggingamidstödin hf. CreditWatch Implications Revised To Developing Following Shareholder Announcement $100.00
The largest shareholders in Tryggingamidstödin's owner, Icelandic Stodir, are now Glitnir Bank, Kaupthing Bank, and New Landsbanki. We are revising our CreditWatch implications on insurer Tryggingamidstödin to developing from negative. The ...
- Research Update: Tryggingamidstödin hf. CreditWatch Implications Revised To Developing Following Shareholder Announcement $175.00
The largest shareholders in Tryggingamidstödin's owner, Icelandic Stodir, are now Glitnir Bank, Kaupthing Bank, and New Landsbanki. We are revising our CreditWatch implications on insurer Tryggingamidstödin to developing from negative. The ...
- Icelandic Insurer Tryggingamidstodin Still On Watch Neg On Future Ownership Concerns $100.00
LONDON (Standard&Poor's) April 9, 2009--Standard&Poor's Ratings Services today commented on its CreditWatch placement of Iceland-based insurer Tryggingamidstödin hf. (TM). The 'BB' long-term counterparty credit and insurer financial strength ...
- Research Update: Icelandic Insurer Tryggingamidstodin Still On Watch Neg On Future Ownership Concerns $175.00
On April 9, 2009, Standard&Poor's Ratings Services commented on its CreditWatch placement of Iceland-based insurer Tryggingamidstödin hf. (TM). The 'BB' long-term counterparty credit and insurer financial strength ratings remain on CreditWatch ...
- Icelandic Insurer Tryggingamidstodin Group Still On Watch Neg On Future Ownership Concerns $100.00
LONDON (Standard&Poor's) Jan. 8, 2009--Standard&Poor's Ratings Services today commented on its CreditWatch placement of Iceland-based insurer Tryggingamidstödin hf. (TM) and its subsidiary Norway-based non-life insurer NEMI Forsikring ASA (NEMI). ...
