Munich Re Affirmed

The “AAA” counterparty credit rating and insurer FSR on Munich Reinsurance Co. AG were affirmed by S&P. The rating action includes all core reinsurance members, which together comprise the Munich Reinsurance Group (Munich Re) as well as, for the first time, ERGO Versicherungsgruppe AG and the core companies of the ERGO group.

Munich Re’s unsurpassed global position, supreme capital strength and extremely strong financial flexibility were cited as key rating factors. Those strengths were partially offset by the complication risk implicit in Munich Re’s stake in Allianz AG. The outlook is stable.