S&P Affirms ‘AAA’ Ratings on Munich Re and Core Members of the Munich Re Group; Outlook Stable

ATLANTA, April 5, 2001—On March 26, 2001, Standard & Poor’s affirmed its ‘AAA’ counterparty credit and insurer financial strength ratings on Munich Re and all core members of the Munich Reinsurance Group, including the Munich American Reassurance Company. ERGO Versicherungsgruppe AG and all core members of the ERGO group are also included in the ratings for the first time this year. According to S&P the outlook is stable.

Among the factors cited by S&P were Munich Re’s size and reputation, strong capital strength and financial flexibility, group-level earnings, and a reduction in German corporate tax rates.

Munich American Reassurance Company