Promina’s ratings have been raised from stable to positive. At the same time, its long-term “A” insurer financial strength and counterparty credit ratings on Vero have been affirmed and their ratings outlooks have also moved to positive.

Standard & Poor’s says it has not moved Promina to a higher credit rating because it’s strong earnings momentum “has been achieved in a relatively short trading period since the initial public offering” in May last year. A move up for the credit rating is probable later in the year.