S&P rates Chartis Canada A

Standard & Poor's said it assigned a long-term A counterparty credit and financial strength ratings to Chartis Insurance Co. of Canada.

The outlook is stable.

The ratings reflect the core status of Chartis Canada to the Chartis group through the company's material contribution to the group and to the group's strategy of bolstering its global franchise by geographical diversification and expanding its product offerings, S&P said.

Canada is strongly integrated with and receives significant support from the wider group, the agency said.

The ratings also reflect Chartis Canada's strong competitive position in Canada's nonlife insurance market, its strong capital and strong operating earnings, S&P said.

Limited overall opportunity for further growth arising from the challenging market in Canada partially offsets these strengths, the agency said.

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