International technology giant ABB confirmed that Standard & Poor’s rating service has upgraded the “insurer financial and counterparty credit strength ratings” of its insurance subsidiary, Sirius International Corp., from A+ to AA-.
ABB said the upgrade was in recognition of the group’s increased focus on service and the acquisition of Kemper Reassurances, “which more than doubles ABB’s traditional reinsurance business.”
Sirius has “a very strong operating performance, particularly compared to its peers, and continued extremely strong capitalization,” the report quoted S&P as stating.
ABB , based in Zurich, is one of the leading global providers of technology and development for power transmission and distribution, automation, oil, gas and petrochemical industries, and employs about 165,000 people in over 100 countries.
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