Standard & Poor’s Again Gives Munich Re Top Rating

MUNICH, February 2, 1999—International rating agency Standard & Poor’s has affirmed its top rating of “AAA” for the Munich Reinsurance Company and its subsidiaries in North America, Australia, Italy, and Switzerland. In addition, Great Lakes Reinsurance (UK), London, which also belongs to the Munich Re Group, has been awarded this rating for the first time. “The outstanding financial strength rating of all core entities of Munich Re is based on its unsurpassed global position in the reinsurance market, its overwhelming capital strength, and its great financial flexibility,” writes the agency.

Standard & Poor’s also gives the outlook “stable” for the foreseeable future in view of the increasing earning power of the Group, in which it sees fluctuations typical of reinsurance business being offset by increased primary insurance profits.

Thus in the last six months, the leading rating agencies Standard & Poor’s, A.M. Best, and Moody’s have all given or affirmed their top rating for Munich Re. Dr. Hans-Jürgen Schinzler: “Alongside individually tailored products, value for money, and service, financial solidity and reliability play a more important role than ever in today’s reinsurance market. The top ratings from the three leading rating agencies underline Munich Re’s outstanding position in this respect, as in other areas.”

Munich Reinsurance Company