Moody's ups Hannover Re, unit

Moody's Investors Service said it upgraded the insurance financial strength rating of Hannover Reinsurance Co. to A3 from Baa1 and the rating on the guaranteed subordinated debt of Hannover Finance Inc. to Baa2 from Ba1.

The insurance financial strength rating of Hannover Re's subsidiary, E+S Rückversicherungs-AG, was also upgraded to A3 from Baa1.

The outlook is stable.

Moody's said that the insurance financial strength rating upgrade reflects the continued substantial improvement in Hannover Re's financial profile, notably the reduction in operating leverage, improving solvency margin and increase in shareholders' equity. The rating agency also said that the upgrade reflects a continuation of those credit strengths, including its strong market acceptance and demonstrated underwriting skill, which act as mitigating factors with regard to Hannover Re's relatively aggressive financial profile.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.