S&P Takes Various Actions on Dutch 'pi' Rated Insurers

Apr 20, 2001, 01:00 ET from Standard & Poor's

    LONDON, April 20 /PRNewswire/ -- Standard & Poor's today assigned new,
 first time public information-based ('pi') counterparty credit and insurer
 financial strength ratings to three Netherlands-based life insurers: ABN AMRO
 Levensverzekering N.V. (triple-'B'-pi), Spaarbeleg Kas N.V. (triple-'B'-pi),
 and Postbank Levensverzekering N.V. (single-'A'-pi).
     At the same time, Standard & Poor's raised its 'pi' counterparty credit
 and insurer financial strength ratings on Netherlands-based Interpolis BTL
 N.V. (Interpolis) to double-'A'-pi from single-'A'-pi.
     In addition, Standard & Poor's also affirmed its 'pi' ratings on
 Nationale-Nederlanden Levens. Maatschappij N.V. (double-'A'-pi), AMEV
 Levensverzekering N.V. (single-'A'-pi), RVS Levensverzekering N.V.
 (single-'A'-pi), and Levensverzekering Maatschappij Stad Rotterdam N.V.
 (single-'A'-pi).
     The upgrade of Interpolis' ratings reflects the company's improved
 risk-adjusted earnings and enhanced business position. Additional rating
 factors are Interpolis' strategic importance to triple-'A' rated Rabobank
 group, and the company's strong risk-adjusted capitalization.
     ABN AMRO Levensverzekering N.V. was assigned triple-'B'-pi ratings
 reflecting the company's strategic importance to ABN AMRO Bank N.V.
 (AA/Stable/A-1+).
     Postbank Levensverzekering N.V was assigned single-'A'-pi ratings in
 recognition of the company's extremely strong risk-adjusted capitalization,
 solid business position, and moderate operating performance.
     The new triple-'B'-pi ratings of Spaarbeleg Kas N.V. reflect the
 company's good risk-adjusted capitalization, good operating performance, and
 solid business position.
     The single-'A'-pi ratings on AMEV Levensverzekering N.V. are affirmed.
 The ratings are underpinned by the company's very strong risk-adjusted
 capitalization, strong business position, and good risk-adjusted earnings.
 Partially offsetting these strengths are the company's high risk adjusted
 leverage and high earnings volatility relative to peers.
     The double-'A'-pi ratings on Nationale-Nederlanden Levens. Maatschappij
 N.V. were affirmed and reflect the company's very strong risk-adjusted
 capitalization, good risk-adjusted earning, and leading business position in
 the Dutch life market.
     The single-'A'-pi ratings on Levensverzekering Maatschappij Stad
 Rotterdam N.V. were affirmed. They are driven by the company's strong
 risk-adjusted capitalization, solid business position, and modest
 risk-adjusted earnings.
     The single-'A'-pi ratings on RVS Levensverzekering N.V. were affirmed,
 reflecting the company's very strong risk-adjusted capitalization, good
 risk-adjusted earnings, and good business position.
     Public information ratings, denoted with a 'pi' subscript, are ratings
 based on the analysis of an insurer's published financial information and
 additional information in the public domain.
     A complete list of ratings is available on RatingsDirect, Standard &
 Poor's on-line credit research service, or by calling Clare Quinlan in London
 on (44) 20-7847-7026. -- CreditWire
 
 

SOURCE Standard & Poor's
    LONDON, April 20 /PRNewswire/ -- Standard & Poor's today assigned new,
 first time public information-based ('pi') counterparty credit and insurer
 financial strength ratings to three Netherlands-based life insurers: ABN AMRO
 Levensverzekering N.V. (triple-'B'-pi), Spaarbeleg Kas N.V. (triple-'B'-pi),
 and Postbank Levensverzekering N.V. (single-'A'-pi).
     At the same time, Standard & Poor's raised its 'pi' counterparty credit
 and insurer financial strength ratings on Netherlands-based Interpolis BTL
 N.V. (Interpolis) to double-'A'-pi from single-'A'-pi.
     In addition, Standard & Poor's also affirmed its 'pi' ratings on
 Nationale-Nederlanden Levens. Maatschappij N.V. (double-'A'-pi), AMEV
 Levensverzekering N.V. (single-'A'-pi), RVS Levensverzekering N.V.
 (single-'A'-pi), and Levensverzekering Maatschappij Stad Rotterdam N.V.
 (single-'A'-pi).
     The upgrade of Interpolis' ratings reflects the company's improved
 risk-adjusted earnings and enhanced business position. Additional rating
 factors are Interpolis' strategic importance to triple-'A' rated Rabobank
 group, and the company's strong risk-adjusted capitalization.
     ABN AMRO Levensverzekering N.V. was assigned triple-'B'-pi ratings
 reflecting the company's strategic importance to ABN AMRO Bank N.V.
 (AA/Stable/A-1+).
     Postbank Levensverzekering N.V was assigned single-'A'-pi ratings in
 recognition of the company's extremely strong risk-adjusted capitalization,
 solid business position, and moderate operating performance.
     The new triple-'B'-pi ratings of Spaarbeleg Kas N.V. reflect the
 company's good risk-adjusted capitalization, good operating performance, and
 solid business position.
     The single-'A'-pi ratings on AMEV Levensverzekering N.V. are affirmed.
 The ratings are underpinned by the company's very strong risk-adjusted
 capitalization, strong business position, and good risk-adjusted earnings.
 Partially offsetting these strengths are the company's high risk adjusted
 leverage and high earnings volatility relative to peers.
     The double-'A'-pi ratings on Nationale-Nederlanden Levens. Maatschappij
 N.V. were affirmed and reflect the company's very strong risk-adjusted
 capitalization, good risk-adjusted earning, and leading business position in
 the Dutch life market.
     The single-'A'-pi ratings on Levensverzekering Maatschappij Stad
 Rotterdam N.V. were affirmed. They are driven by the company's strong
 risk-adjusted capitalization, solid business position, and modest
 risk-adjusted earnings.
     The single-'A'-pi ratings on RVS Levensverzekering N.V. were affirmed,
 reflecting the company's very strong risk-adjusted capitalization, good
 risk-adjusted earnings, and good business position.
     Public information ratings, denoted with a 'pi' subscript, are ratings
 based on the analysis of an insurer's published financial information and
 additional information in the public domain.
     A complete list of ratings is available on RatingsDirect, Standard &
 Poor's on-line credit research service, or by calling Clare Quinlan in London
 on (44) 20-7847-7026. -- CreditWire
 
 SOURCE  Standard & Poor's