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Fitch withdraws ratings of KBC Group insurance units


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Fitch withdraws ratings of KBC Group insurance units

Fitch Ratings on March 26 affirmed Belgium-based KBC Verzekeringen NV's and Luxembourg-based KBC Group Re SA's insurer financial strength ratings at A+ (Strong) and the former's long-term issuer default rating at A, with stable outlooks.

The ratings were subsequently withdrawn for commercial reasons.

At the time of withdrawal, KBC Verzekeringen's ratings reflected its reliance on parent KBC Group NV for its business position and strategic direction and the fact that its capital management is integrated within the holding company. KBC Group Re's core status within KBC Group reflected the capital support agreement with KBC Verzekeringen and the adoption of its parent's brand name, Fitch said.