S&P Global Ratings (S&P) takes a positive view of Deutsche Ruck's internationalisation strategy, which contributes to the reinsurer's greater portfolio diversification and further growth, said Deutsche Ruck in a statement.
In recent years, Deutsche Ruck has expanded its standard property & casualty business into the Middle East, Latin America and South, South-East and East Asia. Furthermore, its life and health reinsurance business has also been internationalised. In addition to its core markets of Germany and Austria, Deutsche Rück also underwrites life and health business in selected countries in the Middle East and the Maghreb region.
Against this backdrop, S&P continues to expect positive business performance and stable capital development, and in a recent rating report, has affirmed the ‘A+’ rating with a stable outlook. This means that the reinsurer has consistently held an ‘A+’ rating with a stable outlook since 2016. The rating comprises Deutsche Rückversicherung in Dusseldorf and Deutsche Rückversicherung Schweiz (DR Swiss) in Zurich.
“The reaffirmation of our ‘A+’ rating underlines the financial strength and reliability of the Deutsche Rück Group,” said Mr Achim Bosch, Chief Executive of Deutsche Ruck.
Earlier in June, the Deutsche Ruck Group was rated for the first time by the rating agency Fitch and had received an ‘A+’ rating with a stable outlook.