Utmost Group Limited is pleased to announce that today Fitch Ratings (“Fitch”) has announced its inaugural Issuer Default Rating (IDR). Utmost Group Limited is the new UK holding company of the Utmost Group, whose principal business lines are Utmost International and Utmost Life and Pensions.
Fitch has assigned Utmost Group Limited an IDR of “BBB+” with a Stable Outlook. This replaces Utmost International Group Holdings Ltd’s IDR of “BBB+” which will be retired from today. Fitch has affirmed Utmost Group Limited’s three rated operating entities, Utmost PanEurope dac, Utmost Limited and Utmost Worldwide Limited, with Insurer Financial Strength (IFS) Ratings of “A” (Strong) with Stable Outlooks.
Fitch’s assessment of Utmost Group Limited reflects the Group’s strong capitalisation and leverage, strong business profile and good financial performance. Fitch noted Utmost International’s leading business franchise in the international life and savings market, focused on servicing high net-worth individuals and multi-national corporates, and the moderate competitive position of Utmost Life and Pensions in the UK closed life insurance market. Please see the press release from Fitch here
About Utmost Group Limited
Utmost Group Limited is a specialist life assurance group. Its principal businesses are Utmost International and Utmost Life and Pensions, which together are responsible for over £35bn of primarily unit-linked policyholder assets for around 520,000 customers. Utmost Group plc is subject to group supervision by the PRA.
About Utmost International
Utmost International is an international life assurance business which serves two key markets. It provides international life assurance to affluent, high-net-worth and ultra-high-net-worth individuals through its Utmost Wealth Solutions business, and group risk and savings solutions to multi-national corporates through its Utmost Corporate Solutions business.
Utmost International has been formed through the acquisition of insurers that were previously owned by major insurance groups. By bringing these companies together under a common strategy and rationalising to achieve significant cost synergies, Utmost International has created a financially and operationally robust insurance group that is strongly positioned to win new business.
About Utmost Life and Pensions
Utmost Life and Pensions is a specialist UK life consolidator, focused on the acquisition of life assurance businesses in the UK. It looks after 390,000 customers with £6.5bn of Assets under Administration. Utmost Life and Pensions is authorised by the PRA, and regulated by the FCA and the PRA.
For further information, please contact:
Anne Marie Shepherd, Head of Strategy and Corporate Affairs, Utmost Group Limited on +44 203 861 4347 or [email protected]