NEWS - 06. August 2015 - London. New York. Novato.
Today, A.M. Best made an announcement that highlights the financial strength of Allianz and the progress made to date integrating Fireman’s Fund into Allianz Global Corporate & Specialty (AGCS).
- The rating agency affirmed the A+ financial strength rating (FSR) and “aa-” issuer credit ratings (ICR) for Allianz SE and most of its A.M. Best rated subsidiaries.
- It also upgraded the Fireman's Fund Insurance Company (FFIC) and subsidiaries’ FSR to A+ from A and the ICR to “aa-” from “a.”
The news positions Allianz as a strong choice for brokers in the U.S., offering them the ease and efficiency of working with one company and providing access to a wider array of products and services from a single source.
“The A.M. Best ratings reflect the confidence in our organization as a whole,” said Art Moossmann, CEO North America. “The upgraded ratings for FFIC further underscore the strength of our integrated companies and our expanded capabilities and offerings.”
While FFIC is fully integrated into AGCS, business will continue to be written on the paper of the FFIC legal entities which carry their own A.M. Best rating.
According to the A.M. Best release, “The upgrading of the ratings of FFIC is based on a change in ownership whereby Fireman’s Fund became a wholly-owned subsidiary of Allianz Global Risks US Insurance Company (AGR US). Further, Fireman’s Fund has been fully integrated into the AGR US operating platform and additional reinsurance protection and other explicit support has been put into place.”
In its announcement, A.M. Best highlighted four of Allianz’s core strengths:
- Our excellent risk-adjusted capitalization
- Our strong operating performance
- Our diversified business profile
- Our robust risk management framework
Please find the announcement on the A.M. Best website here.
Consolidated financial results, solvency ratios, ratings and key financials for the Allianz Global Corporate & Specialty group of companies are shown here: Financial Information.