Tryg has been assigned an ‘A2’ financial strength rating from Moody’s. The rating is assigned to the two operating entities, Tryg Forsikring and Tryg Garanti. Additionally, Moody’s has assigned a Baa1 rating on the subordinated debt issued by Tryg Forsikring. The ratings of the issuers have a positive outlook.
In its press release, Moody’s notes that “the ‘A2’ IFSR reflects Tryg’s leadership position in Property & Casualty (P&C) insurance in the Nordic region, its strong profitability both from a return on capital and underwriting (combined ratio) perspective, very good asset quality and relatively low financial leverage.”
Moody’s also note that “other credit strengths include a relatively conservative investment philosophy compared to direct Nordic peers, and relatively low adjusted financial leverage of 15% at end of 2015.”
At the same time, Tryg has decided to terminate the rating agreement with Standard & Poor’s (S&P). Tryg appreciates the good cooperation with S&P since Tryg’s IPO in 2005.