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S&P Global Ratings withdraws ratings on IAG units

S&P Global Ratings withdrew its AA- financial strength and issuer credit ratings on certain Insurance Australia Group Ltd. consolidated units.

The rating agency said Dec. 15 that it withdrew the ratings on CGU Insurance Ltd., WFI Insurance Ltd, Swann Insurance (Aust) Pty Ltd. and IAG Re Australia Ltd. at the request of their ultimate parent.

S&P noted that all policyholder assets and liabilities of the units were transferred to Insurance Australia Ltd., effective Aug. 1, after obtaining a license consolidation from the Federal Court of Australia on July 20.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.