S&P upgrades RSA to A+

Standard & Poor’s (S&P) have announced the upgrade of RSA Group’s (RSA) rating to A+.

The rating agency said that the change in rating reflected RSA's ‘strong competitive position, strong operating performance, and strong capitalization underpinned by a strong enterprise risk management assessment.’

However, S&P also noted that the group's capitalization, although strong, remains a relative weakness at its new rating level.

"The rating agency’s endorsement of our strong capitalisation, solid internal model and risk management culture is a testament to our well deserved reputation for prudent reserving practices and disciplined, high quality underwriting and claims management,” says Simon Lee, chief executive officer of RSA.

"We will continue to outperform in the future and to produce strong results and value for our shareholders."