Standard & Poor's said it is maintaining a positive outlook on European property-casualty insurers who have made strong underwriting profits.
Losses from Hurricanes Katrina and Rita will be modest, although there will be some medium-term consequences, the agency said.
Hurricane Katrina has led S&P to put Swiss Re, Lloyd's and Aspen on credit watch with negative implications. "However, based on current information, other European insurance ratings look likely to be unaffected by Katrina and Rita-related losses," according to the report issued Monday.
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