A.M. Best Removes From Under Review and Upgrades Issuer Credit Ratings of Hannover Rueck SE and Its Main Subsidiaries
The ratings were placed under review with positive implications on 13
The rating upgrades reflect A.M. Best’s opinion that the rating fundamentals of the Hannover Re group, as analysed under the updated BCRM, are supportive of the revised Long-Term ICR. The ratings reflect Hannover Re’s balance sheet strength, which
Hannover Re’s consolidated risk-adjusted capital is assessed as strongest by
Hannover Re is the third largest global reinsurer with a highly diversified profile by product and geography. The group continues to enhance its global market footprint through a wide range of reinsurance and financial products to provide traditional and unique solutions to cedants in a highly competitive and challenging operating environment.
Hannover Re’s strong operating performance is demonstrated by a five-year weighted average non-life combined ratio of 94.9% and a return on equity of 14.6% (2012 to 2016). The life and health segment performs well overall, and reported a life technical margin of 5.3% in 2016. However, the mortality and morbidity segments of the life and health book remain an area of underperformance, with an EBIT of 3.4%, compared with an internal target of 6%.
In the third quarter of 2017, Hannover Re was affected by a number of natural catastrophe events, including hurricanes Harvey, Irma and Maria. Net losses from these and other major natural and man-made events amounted to
Hannover Re’s ERM framework supports its complex globally diversified operations. The group has demonstrated use of its internal capital model and sophisticated risk management tools to implement its strategic plan and effectively manage risks in line with changing market conditions.
The Long-Term ICRs have been upgraded to “aa” from “aa-” and the FSR of A+ (Superior) affirmed for Hannover Rueck SE and its following affiliates:
-
E+S Rueckversicherung AG -
Hannover Re (Bermuda) Ltd -
Hannover Re (Ireland) Designated Activity Company -
Hannover Life Reassurance Bermuda Limited -
International Insurance Company of Hannover SE -
Hannover Life Reassurance Company of America
In addition, the following Long-Term IRs have been upgraded:
— to “aa-“ from “a+” on the
— to “aa-“ from “a+” on the
Hannover Rueck SE—
— to “a+” from “a” on the
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.
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