ABB insurance unit upgraded by A.M. Best

Second upgrade in last four months

Zurich, Switzerland, August 23 – Global technology company ABB today confirmed that A.M. Best Co. has upgraded the financial strength rating of its insurance subsidiary, Sirius International Insurance Corp., from A (Excellent) to A+ (Superior). The rating upgrade also applies to Scandinavian Reinsurance Company and Sirius America Insurance Company.

In May of this year, Standard & Poor’s upgraded its insurer financial and counterparty credit strength ratings on Sirius International Insurance Corp. to AA- (double-A-minus) from A+ (A-plus).

A.M. Best Co., the world’s oldest insurance rating and information source, said the rating action reflects Sirius International’s sustained profitable growth, strong capitalization and balance sheet strength, in addition to management’s consistent success in enhancing market position. The rating agency said, “The [Sirius] group has achieved yearly growth in its capital and solvency position over the last five years, driven by its solid financial performance.”

A.M. Best Co. said, “The rating acknowledges Sirius International's strict operating guidelines…and high quality investment portfolio which have enabled the group to outperform most of its reinsurance peers.”

Sirius International Insurance Corporation, Scandinavian Reinsurance Company and Sirius America Insurance Company are key parts of the ABB Financial Services business.

The ABB Group (www.abb.com) serves customers in power transmission and distribution; automation; oil, gas, and petrochemicals; building technologies; and in financial services. With novel IT applications, tailored software solutions, growing eBusiness and a fast-expanding knowledge and service base, ABB is building links to the new economy. The ABB Group employs about 160,000 people in more than 100 countries.

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