S&P affirms Das UK's credit rating despite "capital deficiency"
Das UK's ‘A' credit rating has been affirmed by Standard & Poor's (S&P) despite its "capital deficiency".
The ratings agency said that the legal expenses insurer's (LEI) capital adequacy weakened due to premium growth and higher retention of business written.
However, S&P noted that Das UK's parent company has plans to inject capital into its UK arm in October 2012.
As a result, the agency said its insurance long-term rating would remain the same.
S&P explained that the ratings also benefited from Das UK's good competitive position in the UK due to its LEI niche and an improved operating performance
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