Standard & Poor's confirms Allianz Fire and Marine Insurance Japan Ltd. AA- (stable) rating
On March 29, the rating agency S&P confirmed the AA- financial strength rating of the Japanese unit of Allianz Global Corporate & Specialty AG. The outlook remains 'stable'.
PRESS RELEASE - Munich/Tokyo. March 29, 2011
Rating agency Standard & Poor's (S&P) has confirmed the AA- financial strength rating of Allianz Fire and Marine Insurance Japan Ltd. (AGCS Japan). The confirmation came as part of an overall review by S&P of the ratings of 15 insurance companies in Japan.
The rating, issued last year, is based on the AA (stable) rating of AZFM's parent company Allianz Global Corporate & Specialty AG (AGCS), the industrial insurance arm of the Allianz Group. According to the S&P report, the rating is based on the company's status as a core subsidiary of the Allianz Group but is constricted by the sovereign debt rating of Japan.
Axel Theis, CEO of AGCS and Chairman of AGCS Japan, reiterated the commitment of his company to the Japanese market: "Our first concern after the earthquake was for our local staff and that of our clients, making sure they and their families were safe. We were able to ensure the continuity of our operations locally, so now is the time to support our clients in their recovery after the recent tragic events."