Munich Re insurer ERGO ratings affirmed
Fitch Ratings has affirmed Germany-based insurer ERGO Lebensversicherung AG's (ERGO Life) and DKV Deutsche Krankenversicherung AG's insurer financial strength ratings at 'AA-'.
The agency has simultaneously affirmed Vorsorge Lebensversicherung AG's (Vorsorge) and Europaeische Reiseversicherung AG's IFS ratings at 'A+'. The outlooks on all the ratings are stable.
ERGO Life, DKV, Vorsorge and ERV are operating insurance companies and 100% subsidiaries of the holding company, ERGO Versicherungsgruppe AG. Fitch has also affirmed ERGO's long-term issuer default rating at 'A+' with a stable outlook.
The rating actions follow the agency's affirmation of Munich Re's IFS rating at 'AA-.'Munich Re is ERGO's 100% shareholder.
ERGO's ratings reflect its core status within Munich Re's operations. ERGO Life and DKV are viewed by Fitch as core to ERGO in terms of their size and strategic importance. Vorsorge and ERV are viewed by Fitch as important to ERGO as defined within Fitch's group rating methodology.
Key rating drivers for all ratings are the strategic importance of the companies within the Munich Re group and the fact that any change of Munich Re's rating would result in a change of ERGO's and its subsidiaries' ratings.
ERGO is the primary insurance group of Munich Re. At end-2010, ERGO had total assets of €139.3bn (2009: €135.5bn) and reported net income of €355.2m (2009: €172.7m). The significant increase in net income was mainly due to an improved investment result.
Gross written premiums increased to €18.5bn (2009: €17.5bn) in 2010. In non-life insurance, ERGO reported an increased net combined ratio of 97.0% (2009: 93.5%) in 2010. German life insurance GWPs were €5.0bn (2009: €4.9bn) in 2010.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: http://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@postonline.co.uk
More on Reinsurance
Flood Re hopes flood resilience garden will improve awareness
Unveiled at the RHS Chelsea Flower Show, the Flood Resilient Garden aims to demonstrate that homeowners don’t have to compromise on their gardens regarding flood resilience.
Why insurers armed with risk insights don't need to retreat
As climate change intensifies weather-driven natural catastrophes, Moses Ojeisekhoba, CEO of Swiss Re Global Clients and Solutions, argues sophisticated, data-driven risk insights are needed by society to both mitigate as well as adapt to evolving perils before our options narrow.
Three takeaways from Zywave’s Cyber Risk conference
Price adequacy may be under pressure in the cyber insurance market and there are “seismic shifts in buying behaviour” in the reinsurance market, according to experts gathered at Zywave’s Cyber Risk conference.
Pool Re to adopt more flexible treaty model in 2025
Pool Re members and the Treasury have backed proposals for the government-backed terrorism reinsurer to adopt a treaty model from next spring.
ABI insists fire safety scheme is temporary
Mervyn Skeet, the Association of British Insurers’ director of general insurance, has outlined how the trade body will ensure the Fire Safety Reinsurance Scheme will only last three to five years, and how it will should end criticism of brokers earning commission for arranging cover.
Aventum founder ‘extremely proud’ as son impresses on Formula One debut
18 year-old Ollie Bearman, the son of Aventum CEO and founder David Bearman, made his Formula One debut this weekend, finishing an impressive 7th after filling in for Ferrari teammate Carlos Sainz.
Chaucer’s Groves on why gender equality in insurance is still a way off
Ahead of International Women’s Day (8 March), Xamira Groves, head of insurance at Chaucer, explains why practical steps towards better representation of women in insurance are within reach.
Covéa and Markel win Covid BI reinsurance disputes
Covéa and Markel have won a court battle to secure reinsurance cover for Covid-19 business interruption losses.
Most read
- Insurance’s wealthiest figures revealed
- Winslow continues Direct Line management overhaul
- Movers and shakers who made Insurance Post’s Power List 2024 revealed