Simon Blair, Sovereign managing director, said the A+ rating affirmed the insurance company's “ability to meet our ongoing obligations to policyholders”.
Blair said consumers needed “independent and consistent” ratings in order to weigh up the relative risks of any insurance company not being able to pay out on claims.
“With a school grade someone might be almost as happy with a B+ as an A-. However, in finance grades these ratings are poles apart and there is not enough information to help people understand this,” he said. “An A+ achievement gives peace of mind to both advisers and clients.”
According to Blair, Sovereign's rating also indicated that the company was in a good position to survive in an industry that was poised “on the tipping point of some of the most significant regulatory changes and taxation reforms”.
“It means Sovereign is well-placed and well regarded by independent market commentators as we enter a period where some uncertainty and change is inevitable,” he said.
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