Fitch maintains Sterling rating


Fitch Ratings has affirmed the BBB+ rating of the underwriting members of the Sterling Insurance Group for insurer financial strength.

Both Sterling Insurance Company and Sterling Life were also awarded a stable outlook.

According to the insurer, the decision by the global rating agency reflected the expectation that the capital position of Sterling will remain stable and supportive of the ratings, as well as strong profitability in 2011.

John Blundell, managing director for Sterling Insurance Group, commented: "Achieving this outlook is very satisfying and is a vindication of our strategy to provide market leading client and customer service in our chosen markets.

"The positive factors highlighted by Fitch are our continued capital strength, improved profitability and the growth in our administration business. The ratings agency also recognised our strong reputation in the distribution market as a positive."

He concluded: "We approach 2013 with real optimism as well as all the challenges it will bring."

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