Fitch upgrades XLIT, debt

Fitch Ratings said it upgraded its ratings on XLIT Ltd. (a Cayman Islands subsidiary of XL Group plc) as follows: issuer default rating to A- from BBB+; senior unsecured notes to BBB+ from BBB; series D and E preference ordinary shares to BBB- from BB+; and insurer financial strength rating to A+ from A.

The outlook on the issuer default rating is positive and the outlook on the insurer financial strength rating is stable.

Fitch said the one-notch upgrades reflect favorable recent underlying net earnings from improving calendar year and run-rate accident year underwriting results, particularly in the company's insurance segment, as well as improving operating earnings-based interest and preferred dividend coverage.

The ratings also continue to reflect the company's solid capitalization, reasonable financial leverage and large diversified market position in both insurance and reinsurance lines, as well as anticipated challenges in the overall competitive property/casualty market rate environment, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.