Standard & Poor’s affirms top rating for Munich Re

Dr. jur. Jörg Schneider

MUNICH, September 10, 2002—US rating agency Standard & Poor’s has again awarded Munich Re its top rating (AAA) in its annual rating reviews. The reasons given by S&P for its decision were the outstanding position of Munich Re as the world’s leading reinsurer, the company’s comprehensive underwriting skills, its still substantial capitalization, and major capacity to bear risk. A reservation expressed by the agency (“outlook negative”) takes into account the difficult capital market environment.

Munich Re sees the affirmation of this top rating as further strengthening its position in the forthcoming renewal of many reinsurance treaties. Member of the Board of Management Dr. Jörg Schneider: “Naturally, we are pleased at such recognition, not least in view of the current weakness of the capital market and the volatility of the stock exchanges. Our clients will regard this as a confirmation of their choice of reinsurer. Given that the reinsurance cover we offer has again been awarded top-security rating, it will therefore bolster our efforts to achieve risk-adequate conditions and prices.”

Munich Reinsurance Company