Moody's affirms Munich Re

Moody's Investors Service said it affirmed the ratings of Munich Reinsurance America, Inc. (insurance financial strength rating of Aa3) and Munich Re America Corp. (senior debt rating of A2) following the announcement by parent company Munich Reinsurance Co. (insurance financial strength rating of Aa3) that it has agreed to acquire Midland Co.

The outlook is stable.

The agency said that Munich Re, through its subsidiary Munich-American Holding Corp. (not rated), plans to acquire all outstanding shares of Midland for about $1.3 billion in cash.

The acquisition is in line with Munich Re's recently announced strategic objective of increasing its presence in specialty segments of the U.S. primary insurance market, Moody's said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.