S&P Global Ratings said today that it assigned its 'A' insurer financial strength rating to Bermuda
Skuld Bermuda is effectively a captive insurer of the Skuld group. Its sole business is to take a 1% quota share of main operating company Assuranceforeningen Skuld's premiums and to pay an equivalent share of claims and expenses. The membership of both clubs is identical. Skuld Bermuda is fully integrated within the group and virtually all administration is conducted by Assuranceforeningen Skuld.
We regard Skuld Bermuda's fortunes as being entirely dependent on and inseparable from those of Assuranceforeningen Skuld and consequently we rate both organizations the same. We expect that Skuld Bermuda will remain part of the Skuld group over the rating horizon.
The stable outlook mirrors that on Assuranceforeningen Skuld. We envisage that the rating on Skuld Bermuda will move in line with that on the larger, Norway-based insurer.