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Moody's assigns ratings to HDI Seguros


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Moody's assigns ratings to HDI Seguros

Moody's on July15 assigned a Ba2 global local-currency insurance financial strength rating andan Uruguayan national scale insurance financial strength rating to .

The ratings,which carry a stable outlook, are based primarily on HDI Seguros' good product diversificationthrough a balanced book of business of commercial and personal line products, adequateasset quality, and implicit and explicit support provided by parent company , Moody's said. However,these are offset partly by the company's modest market presence in the Uruguayanproperty and casualty insurance market, weak underwriting results in some businesslines, high exposure to Uruguayan sovereign bonds and bank deposits as well as generallylower profitability track record than industry peers over the last five years, accordingto the rating agency.