A.M. Best Co. has affirmed high ratings for two of Germany’s biggest insurance groups, giving its A++(superior) rating for Munich Re and its subsidiaries, including American Re and related companies, and its A (excellent) rating for Gerling Konzern Globale Rueckversicherungs AG and the subsidiaries of the Gerling Global Group.
The report notes the the high level of capitalization, the overall stability and the global diversification of Munich Re’s operations, which are now about evenly divided between reinsurance and primary insurance, with activities in 150 countries worldwide.
American Re, as an integral part of the Munich Re Group,is seen as having a strong capitalization and market position despite “recent sub-par earnings.”
“The ratings reflect American Re’s strategic importance to the Munich Re Group, serving as the group’s non-life North American platform,” said the announcement.
Best noted that while Gerling’s “capitalization is adequate, it is still moderate compared to its peers.” It praised the initiatives the group has taken to diversify and to expand its excess of loss business.
The report noted that the Gerling Group “ranks among the top 10 reinsurance organizations in the world and enjoys a very good reputation both in its home market, Germany, and internationally as a reinsurer of mid-size companies.”
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