S&P revises Co-operators view to stable

S&P said it revised its outlook on Co-operators Financial Services Ltd. and its core operating life and property/casualty insurance subsidiaries to stable from positive.

The agency also affirmed the BBB long-term issuer credit rating, senior unsecured debt rating and preferred stock rating on Co-operators.

“The Co-operators' P/C operations have lagged the performance of the broader P/C sector and improvement in profitability and scale of the life operations have lagged original expectations,” S&P said in a news release.

The agency said the stable outlook reflects an expectation that Co-operators will maintain at least very strong capitalization and strong competitive position despite challenges expanding its life insurance operations and P/C underwriting performance.

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