Chartis Life SA on Watch Negative

3/3/2010 12:40:01 PM

Fitch Ratings has placed Chartis Life South Africa Limited's (Chartis Life SA) and Chartis South Africa Limited's (Chartis SA) National Insurer Financial Strength (IFS) ratings of 'AAA(zaf)' on Rating Watch Negative (RWN).

This follows Fitch placing Chartis Overseas, Limited's (Chartis Overseas) IFS rating of 'A+' on RWN on 26 February 2010 following concerns about American International Group Inc.'s (AIG) domestic property/casualty subsidiaries' reserve adequacy and underlying profitability, primarily on long-duration casualty business lines.

A downgrade of Chartis Overseas' IFS rating could put negative pressure on the ratings of Chartis Life SA and Chartis SA.

The ratings on Chartis Life SA and Chartis SA reflect strong support agreements provided by Chartis Overseas, a subsidiary of American International Group, Inc.