AM Best Affirms Credit Ratings of RSA Insurance Group Limited’s Subsidiaries

LONDON--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) of Intact Insurance U.K. Limited (Intact UK) (United Kingdom), Intact Insurance Ireland Designated Activity Company (Intact Ireland) (Ireland), Intact Insurance (Europe) SA (Intact Europe) (France), Royal & Sun Alliance Reinsurance Limited (RSA Re) (United Kingdom) and The Marine Insurance Company Limited (MIC) (United Kingdom). All five entities are wholly owned subsidiaries of RSA Insurance Group Limited (RSAIG), a non-operating holding company, ultimately owned by Intact Financial Corporation (IFC) (Canada). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect RSAIG’s consolidated balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings also consider, in the form of lift, the support of IFC. Intact UK, Intact Ireland, Intact Europe and RSA Re’s ratings, factor in their strategic importance to and integration within RSAIG. MIC’s ratings consider the significant reinsurance support it receives from Intact UK, its intermediate parent company.

RSAIG’s balance sheet strength is underpinned by its risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), which was at the strongest level at year-end 2024. RSAIG’s BCAR scores are projected by AM Best to decrease steadily over the medium term, albeit remaining comfortably above the very strong threshold, as the group allocates capital toward growth opportunities in commercial and specialty risks. Counterbalancing the modest expected reduction in RSAIG’s risk-adjusted capitalisation is the improved quality of the group’s capital in recent years, driven by several de-risking actions that were largely pre-funded by capital injections from IFC.

RSAIG has a track record of modest underwriting results in its United Kingdom and International operations, impacted by substantial integration and restructuring costs associated with its personal lines exit and the acquisition of Direct Line’s brokered commercial business. Going forward, AM Best expects underwriting performance to improve steadily despite challenging market conditions in the United Kingdom, helped by a focus on risk selection and ongoing portfolio repositioning toward more profitable commercial and specialty lines. Prospective performance is expected to be further supported by initiatives to align underwriting guidelines and pricing sophistication with IFC.

RSAIG benefits from a robust market position in the United Kingdom and Ireland non-life insurance markets, which is further supplemented by a growing global specialty portfolio. In 2025, the company went through a major rebranding exercise to align itself more closely with IFC culminating in the renaming of its United Kingdom, Europe and Ireland operations to Intact.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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