RSA Ratings – reactive statement and Q&A

As a subsidiary of Intact, RSA is rated by the agencies which are relevant in RSA markets but which form part of the list of agencies which rate Intact Financial Corporation. At the moment, Intact does not include S&P in its list of partner ratings agencies.

RSA’s ongoing UK & International business remains financially strong and the individual ratings of the constituent parts of this business have not changed since RSA Plc was bought. What has happened is that the separate ratings for the former RSA Plc have ceased to exist, because the PLC entity no longer exists.

We have continued to work with the two agencies with the most relevant profiles in our ongoing markets, and also benefit from the implicit support of our parent company Intact where they are rated by other agencies (eg AM Best).

We have started conversations with AM Best to rate the ongoing UK&I business of RSA and we will continue to monitor the demand from our customers and partners for different ratings agencies’ analysis of our financial strength.

Upon completion of the takeover, RSA delisted from the London Stock Exchange and two RSA legal entities were re-registered to change their status from ‘public limited company’ (Plc) to ‘private limited company’ (Ltd). Royal & Sun Alliance Insurance Plc became Royal & Sun Alliance Insurance Limited and RSA Insurance Group Plc became RSA Insurance Group Limited. There was no change to the registered office and company numbers.

This change to the legal entity trading status does not impact the validity of existing customer policies or commercial contracts but at the point of renewal documents will be issued with the new name.