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S&P confirms ratings on Allianz Global Corporate & Specialty and Allianz Risk Transfer

  • AGCS companies AA rating with stable outlook confirmed
  • Allianz Risk Transfer AA- rating with stable outlook confirmed

PRESS RELEASE - London/Munich. August 1, 2011

Allianz Global Corporate & Specialty – ‘strong and sustainable’

In their RatingsDirect® report, S&P referred to Allianz Global Corporate & Specialty (AGCS)’s position as “strong and sustainable”, noting that AGCS’s “competitive strengths include a premier brand and a truly global footing, based on AZSE's extensive network and ability to offer significant global capacity.”

Describing AGCS as “a leading player in industrial and specialty lines business”, S&P pointed out several major factors supporting this AA rating including “strong capitalization, strong underwriting results, and management's demonstrated ability to implement its global strategy.” Amongst other factors, S&P noted that “the established quality of the [AGCS] underwriting and claims services provided to brokers and clients and the financial security of the Allianz group are other positive factors.”

Allianz Risk Transfer – ‘strong competitive position’

Referring to Allianz Risk Transfer (ART) group, S&P described the AGCS subsidiary as “a center of excellence for nontraditional risk management techniques”. The rating agency points out that, working in conjunction with AGCS, ART is “playing an increasingly important role as a competence center for alternative insurance risk transfer solutions, which, we [S&P] believe, provides the wider group with the means to maintain a competitive edge with corporate clients.”

S&P also commented that “ART's stand-alone creditworthiness is underpinned by its strong competitive position, effective management, strong operating performance, and very strong capitalization”.

In summary

This unchanged rating re-confirmation applies to the ‘core’ entities of Allianz Global Corporate & Specialty (AGCS) and Allianz Risk Transfer (ART) as follows:

AA Stable outlook

  • Allianz Global Corporate & Specialty AG [AGCS AG]
  • Allianz Global Corporate & Specialty (France)
  • Allianz Global Risks US Insurance Co. [AGCS N.America]
  • AGCS Marine Insurance Co. [part of AGCS N.America]
  • Allianz Underwriters Insurance Co [part of AGCS N.America]

AA- Stable outlook

  • Allianz Risk Transfer companies consisting of
  • Allianz Risk Transfer AG
  • Allianz Risk Transfer (Bermuda) Ltd.
  • Allianz Risk Transfer N.V.

ART’s ratings are capped one notch below the ratings on Allianz SE’s core operating subsidiaries due to its strategic importance within the Allianz Group.

AA- Negative outlook

Allianz Fire and Marine Insurance Japan Ltd. [AZFM]

AZFM’s rating is constrained by S&P’s sovereign credit rating on Japan (AA/Negative/A-1+), hence its ‘negative’ rating outlook.

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