Fitch affirms Munich Re

Fitch Ratings said it affirmed Munich Reinsurance Co.’s insurer financial strength rating at AA (very strong) and long-term issuer default rating at AA-.

The agency also affirmed the ratings of Munich Re's core operating subsidiaries.

The outlooks are stable.

In addition, Fitch withdrew the rating of ERV Foersaekringsaktiebolag as, following its merger with Europaeiske Rejseforsikring A/S, the entity no longer exists.

Fitch said the affirmation reflects the strength of Munich Re's franchise and the group's very strong business profile within the global reinsurance sector, a view that is supported by very strong capitalization and consistent property and casualty (P&C) reinsurance results.

A marginal offsetting factor is the mixed performance of the reinsurer's ERGO-branded primary insurance operations, the agency explained.

© 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.