On May 19, 2004, Standard&Poor's Ratings Services assigned its 'A-' long-term counterparty credit and insurer financial strength ratings to Denmark-based Tryg Forsikring A/S (Tryg) and Norway-based Vesta Forsikring AS (Vesta), core entities of the TrygVesta group (TVG). The outlook is stable. The ratings are based on TVG's strong competitive position in Scandinavia and the enhanced profitability and reducing risk appetite resulting from positive management action. Offsetting this is TVG's poor operating performance from 2000-2002 and its impact on capitalization levels. Major rating factors: Strong competitive position. TVG has a strong competitive position as a leading player in both the Danish and Norwegian non-life insurance markets. The group maintains its leading position through a strong and reasonably diversified distribution
