Kroll Bond Rating Agency (KBRA) reaffirms the insurance financial strength ratings of A for the key insurance subsidiaries of Lombard International Group for the third consecutive year
The ratings reflect Lombard International’s strong market position and deep expertise in the global private placement and unit-linked life and annuity markets, improving profitability, long standing distribution relationships, and low-risk business strategy.
KBRA expects the significant investments in technology, distribution and investment platforms to facilitate operating results growth in the future.
Lombard International Group, a global leader in wealth and succession planning solutions for high net worth individuals, families and institutions, has had its insurance financial strength ratings of A reaffirmed by Kroll Bond Rating Agency for the third consecutive year. Lombard International Group’s five key subsidiaries were all awarded the A rating.
The ratings reflect Lombard International’s strong market position and deep expertise in the global private-placement and unit-linked life and annuity markets. It is also driven by its improving profitability, longstanding distribution relationships and low-risk business strategy. Significant investment in technology, distribution and investment platforms will continue to support operating growth in the future.
KBRA also outlines that the impact of the COVID-19 pandemic on the company has been relatively muted as Lombard International has limited balance sheet exposure to asset and insurance risk and was able to quickly transition to a virtual customer acquisition and customer servicing framework.
Commenting on the results, Stuart Parkinson, Group Chief Executive Officer of Lombard International, said: “I’m delighted that KBRA has reaffirmed Lombard International’s financial strength ‘A’ ratings and acknowledges our robust business model and strong balance sheet. These ratings also recognise our continued investment to further enhance our business, as we continue the expansion of our global capabilities, especially in the international wealth hubs across Europe, Asia and the US. Furthermore, they are testament to our market leading expertise, the quality of our team, and the level of service that we deliver to our clients and partners, wherever they are based across the world.”
Florent Albert, Group Chief Financial Officer and MD Europe, continued: “Following a record year in 2019, Lombard International continues to demonstrate sustained growth in 2020 across all of its markets worldwide, thus proving the resilience and strength of our business model in an ever more complex and uncertain world. KBRA ratings reconfirm the momentum we are building in our highly specialized market, delivering against our growth objectives in a sustainable manner.”
KBRA is a full-service credit rating agency registered as an NRSRO with the U.S. Securities and Exchange Commission. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) with the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.