South African insurers under negative watch

Moody’s has put several South African insurance groups under negative watch. These downward reviews of the financial ratings have been accounted for by the decision of the rating agency to downgrade the sovereign rating of South Africa, which was set at Baa2 (equivalent to BBB for Standard & Poor’s).

The companies that are targeted by future adjustments are : Old Mutual Life Assurance Company, MMI Group Limited (MMIGL), Guardrisk Insurance Company Limited and Standard Insurance Limited (SIL). Insurers are suffering from the current bad economic and financial situation of South Africa.

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