Ratings Recap: WuerttVers, Lloyd Adriatico/Allianz SpA

A.M. Best Co. has commented that the financial strength rating of ‘A-‘ (Excellent) and the issuer credit rating of “a-” for Germany’s Wuerttembergische Versicherung AG (WuerttVers) “remain unchanged following the announcement that WuerttVers has sold its UK branch, WuerttUK Limited, to the newly established Lloyd’s Syndicate 1274 (Antares).” Best noted that WuerttVers will have an 18.9 percent stake in the new syndicate through a holding company based in Bermuda and will run off the existing portfolio.

Standard & Poor’s Ratings Services said today that it withdrew its ‘AA’ long-term counterparty credit and insurer financial strength ratings on Italy-based composite insurer Lloyd Adriatico SpA. S&P also withdrew its ‘BBBpi’ (unsolicited) long-term counterparty credit and insurer financial strength ratings on Allianz Subalpina SpA. Concurrently S&P affirmed its ‘AA’ long-term counterparty credit and insurer financial strength ratings on Italy-based insurer Allianz SpA, (formerly Riunione Adriatica di Sicurtà SpA), and assigned the ratings a stable outlook. “The rating actions follow the restructuring of the Italian operations of Germany-based Allianz SE, legally effective Oct. 1, 2007,” explained S&P credit analyst Paola Del Curatolo. “After the hive-down of the insurance business of Lloyd Adriatico and Allianz Subalpina into Riunione Adriatica di Sicurtà, the latter has been renamed Allianz SpA.”