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Fitch assigns issuer default rating to UK insurer Hastings

Fitch Ratings on May 10 assigned a BBB+ long-term issuer default rating to Hastings Group Holdings Plc and Hastings Group (Finance) PLC.

The rating reflects the group's very strong financial performance, strong business profile and strong regulatory capital, which is offset by S&P's view of capital weakness at the consolidated group level.

The group has been consistent in reporting high underwriting margins, confirmed by its five-year average combined ratio of 89%, Fitch noted.