A.M. Best Co. has issued a comment indicating that the ratings of Germany’s Muenchener Rueckversicherungs-Gesellschaft (Munich Re) remain unchanged following the announcement that it intends to sell its 90.1 percent shareholding in Karlsruher Versicherungsgruppe to Wüstenrot & Württembergische.
“Munich Re’s ratings remain under review with negative implications as A.M. Best continues to assess the potential impact of the recent reserve strengthening at American Re (see related July 12, 2005 press release) and Hurricane Katrina (see related September 15, 2005 press release) on Munich Re’s consolidated risk-adjusted capitalisation, as well as consolidated earnings in 2005,” said the announcement.
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