Fitch puts Hastings on positive watch

Fitch Ratings said it placed Hastings Group Holding plc’s and Hastings Group (Finance) plc’s long-term issuer default ratings of BBB+ on rating watch positive.

Sampo plc plans to acquire the company. Sampo is a property and casualty and life insurers in the Nordic region but has limited geographical diversification outside of the Nordic area.

“The RWP reflects the potential uplift from ownership by Sampo plc, a larger composite insurer, to Hastings’ stand-alone credit profile under Fitch’s group rating approach. Fitch does not currently rate Sampo,” the agency said in a press release.

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