TEXT-S&P: Lahivakuutus rtgs discontinued on Tapiola merger

Tue Jan 22, 2013 5:03am EST

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(The following statement was released by the rating agency)

Jan 22 - Standard & Poor's Ratings Services said today that it has discontinued its 'BBBpi' public information rating on Lahivakuutus Keskinainen Yhtio (Lahivakuutus) after the Finnish non-life insurer merged with Finland-based Tapiola General Mutual Insurance Company (Tapiola; not rated) on Jan. 1, 2013. The two companies have formed a financial group.

The group will consist of the central company; 19 newly set-up regional mutual insurance companies; and Tapiola's banking, asset management, life insurance, and real estate businesses. Lahivakuutus' existing insurance portfolio will be transferred over time to the regional mutual insurance companies.

This unsolicited rating(s) was initiated by Standard & Poor's. It may be based solely on publicly available information and may or may not involve the participation of the issuer. Standard & Poor's has used information from sources believed to be reliable based on standards established in our Credit Ratings Information and Data Policy but does not guarantee the accuracy, adequacy, or completeness of any information used.

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