Financial Services Industry
Industry: Email Alert RSS FeedFitch places Munich Re ratings on Rating Watch Negative. (Fitch Ratings: Advertisement).
National Underwriter Property & Casualty-Risk & Benefits Management, October, 2002 by Carter, Greg
Fitch Ratings has placed the 'AAA' insurer financial strength (IFS) rating and long-term issuer ratings of Munich Reinsurance Company ('Munich Re') on Rating Watch Negative. Fitch's rating action follows a review of the company's first-half results, which indicated a combined ratio of 133%, or 102% excluding additional reserve strengthening for WTC and American Re and equity portfolio writedowns of EUR 845 million.
Fitch is increasingly concerned that the volatility in stock markets puts Munich Re in a position that is inconsistent with current ratings standards. As a result, Fitch will be reviewing the group's earnings outlook and capital position with Munich Re's management to assess the impact of recent events on its capital base, including its valuation...
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