RSA Ratings – reactive statement and Q&A

Following the takeover of RSA Plc in June 2021, the ongoing RSA business (RSA UK & International, or RSA UK&I) is now a wholly-owned subsidiary of Intact Financial Corporation. Intact is a Canadian insurer listed on the Toronto Stock Exchange and is Canada’s largest general insurer.

RSA UK&I (which includes operations in the UK, Ireland, Europe and the Middle East) continues to work with ratings agencies Moody’s and Fitch but is no longer assessed by S&P. RSA remains a financially strong insurer as a subsidiary of Intact, which in turn holds its own high financial strength ratings from AMBEST, Moody’s, Fitch and DBRS. More details of these can be found here.


Why is RSA no longer assessed by S&P?

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.


Has RSA’s financial strength changed since becoming a subsidiary of Intact?

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.


Why is RSA UK & International now only rated by Fitch and Moodys?

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).


Will RSA UK & International be rated by more of Intact’s agencies in the future?

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.


What happened to the former RSA Plc entity?

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.