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Moody's changes outlook on South African insurers after similar sovereign action

Moody's on March 27 confirmed the ratings of several South African insurers and revised the outlooks to stable from ratings under review following a similar action on the sovereign.

The agency confirmed the Baa3 insurance financial strength ratings of Guardrisk Insurance Co. Ltd., Guardrisk Life Ltd. and Guardrisk International Ltd., as well as Standard Insurance Ltd.'s Baa3 insurance financial strength rating and Aa1.za national scale insurance financial strength rating.

Moody's also confirmed Discovery Ltd.'s Ba1 long-term issuer rating and Aa3.za national scale long-term issuer rating, Old Mutual Life Assurance Co. (South Africa) Ltd.'s Baa2 insurance financial strength rating and Old Mutual PLC's Ba1 long-term issuer rating.

Also confirmed were the Baa2 insurance financial strength rating, Baa3 long-term issuer rating and Aaa.za national long-term issuer rating of MMI Holdings Ltd. unit MMI Group Ltd.