A.M. Best Places Rating of Allianz and Its Core Subsidiaries Under Review.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--Nov. 20, 2002 A.M. Best Co. has placed the financial strength rating of A++ (Superior) of Allianz Allianz SE[1], (ISIN: DE0008404005; IPA pronunciation: [alli-anz], and formerly AG) is a large financial service provider headquartered in Munich, Germany. Aktiengesllschaft and its core subsidiaries (see list below) under review with negative implications. At the same time, Allianz's debt ratings of "aa+" have been placed under review with negative implications. The under review status reflects A.M. Best's need to review the ultimate effect on Allianz's consolidated risk-adjusted capital base of the recently announced higher than expected loss of EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 2.5 billion (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 4.2 billion) in the third quarter of 2002, further falls in equity market values and continued negative results from Dresdner Bank Dresdner Bank AG is one of Germany's largest banking corporations and is based in Frankfurt. History 19th century Dresdner Bank was established on 12 November 1872 through the conversion of financial institution Michael Kaskel. . In addition, the EUR 2 billion (USD 3.3 billion) proposed new debt issue would increase the group's already high financial leverage. The current ratings factor Allianz's strong 22.1% growth in life business and improved non-life In the physical sciences, non-life is an umbrella term set to distinguish or characterize those inanimate chemical precursors found in the primeval soup of the early years of planetary evolution from which life, theoretically, evolved or came into existence. underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. performance (non-life combined ratio improved by 2.9% to 101.5% in the first nine months, excluding non-recurring items). The financial strength rating of A++ (Superior) of the following core subsidiaries of Allianz has been placed under review with negative implications: -- Allianz Aktiengesellschaft -- Allianz Lebensversicherungs AG -- Allianz Versicherungs-AG -- Bayerische Versicherungsbank AG -- Frankfurter Versicherungs-AG -- Vereinte Krankenversicherung AG -- Vereinte Lebensversicherung AG -- Vereinte Versicherung AG -- Allianz-Elementar Lebensversicherung-AG -- Allianz-Elementar Versicherungs-AG -- Allianz Suisse Versicherungs-Gesellschaft -- Allianz Suisse Lebensversicherungs-Gesellsch aft -- Hermes Kreditversicherungs-AG -- Riunione Adriatica di Sicurta SpA -- Assurances Generales de France IART -- AGF M.A.T -- Assurances Generales de France Vie -- Lloyd Adriatico SpA -- Cornhill Insurance PLC -- Allianz Insurance Company -- Allianz Underwriters Insurance Company The following debt ratings have been placed under review with negative implications: Allianz Finance B.V. II-- -- "aa+" rating on EUR 1.2 billion 1.25% guaranteed exchangeable bonds, due 2006 Allianz Finance B.V.-- -- "aa+" rating on EUR 767 million 6% guaranteed bonds Guaranteed Bond A type of bond in which the interest and principal on the bond are guaranteed to be paid by a firm other than the issuer of the bond. Notes: This guarantee limits the impact on bondholders if the issuer of the bond goes into default. , due 2003 -- "aa+" rating on EUR 767 million 5.75% guaranteed bonds, due 2007 -- "aa+" rating on DEM See digital elevation model. 2.0 billion 3% guaranteed exchangeable bonds, due 2003 -- "aa+" rating on EUR 1.6 billion 5% guaranteed bonds, due 2008 -- "aa+" rating on CHF CHF In currencies, this is the abbreviation for the Swiss Franc. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1.5 billion 3% guaranteed bonds, due 2005 -- "aa+" rating on DEM 1.7 billion 2% guaranteed exchangeable bonds, due 2005 Allianz Finance B.V. II-- -- "aa+" rating on EUR 2 billion 1.25% guaranteed exchangeable bonds, due 2004 A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion