CBL Insurance disappointed with S&P rating downgrade following EISL purchase

Wed, 06 Jun 2012

By Jonathan Underhill June 06 (BusinessDesk) - CBL Insurance, which offers insurance products ranging from builders’ bonds to travel and cargo underwriting, says it is disappointed with the decision by Standard & Poor’s to cut its credit rating following the acquisition of a European business last year. S&P credit analyst Lucy Huynh has lowered CBL’s rating by two notches to BB- with a negative outlook, saying its acquisition last year of London-based European Insurance Services eroded the company’s financial risk profile and increased its e...

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