After a disappointing few weeks having lost out on government bailout funds as a result of being bounced from the Tarp program, Genworth Financial finally received some positive news. Standard & Poor's Ratings Services (S&P) has rated Genworths main lifestyle protection insurance entities A-, following the completion of a financial strength rating assessment.
The ratings given to the two UK-registered entities, Financial Insurance Co. Ltd. and Financial Assurance Co. Ltd., indicate that both have strong financial security characteristics. S&P says the outlook on both companies is stable.
S&Ps announcement is the first independent rating sought by Genworth for the two entities. It was awarded following a comprehensive review of the competitive position, strategy, capital strength, financial flexibility and risk management processes of the lifestyle protection business.
"We welcome the decision by S&P to rate our main lifestyle protection insurance entities A-, says Bob Brannock, president Europe, Genworth Financial. We are pleased that, in their announcement, S&P have recognized our very strong capitalization, geographic diversification and competitive advantage through our IT systems and locally-focused teams. The fact that this rating has been achieved during one of the harshest economic downturns is testament of our ability to manage risk and maintain capital."
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