Munich Re America IFSR affirmed at 'Aa3'; outlook stable - Moody's |
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Published
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Tue, 23 Oct 2007 16:02
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MUMBAI (Thomson Financial) - Moody's Investors Service affirmed the ratings of Munich Reinsurance America Inc (MRAm) and Munich Re America Corp (MRAC) after the parent company Munich Reinsurance Co's announcement to acquire US specialty insurer The Midland Co.Moody's has an insurance financial strength rating of 'Aa3' on MRAm and a senior debt rating of 'A2' on MRAC. Parent Munich Re's IFSR is 'Aa3'.The rating outlook for Munich Re and its subsidiaries is stable.Moody's said MRAm's IFSR reflects explicit and implicit support from Munich Re and the strategic importance of the US operations to the overall group.The ratings agency said MRAm benefits from long-standing client relationships developed through direct distribution of treaty and facultative reinsurance.It added that MRAm's history of adverse loss development for accident years 2001 and prior, the softening market for property and casualty reinsurance, and the inherent volatility of catastrophe exposed business temper its strengths.TFN.newsdesk@thomson.comrsh/aka/pmiCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Allianz SpA's 'Aa3' IFSR affirmed; outlook stable - Moody's 