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Article: S&P Cuts Ratings on Hannover Re and Related Entities to 'AA'.
- Article from:
- PR Newswire
- Article date:
- December 21, 2001
CopyrightCOPYRIGHT 2001 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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FRANKFURT, Germany -- Standard & Poor's today lowered its long-term counterparty credit and insurer financial strength ratings on Hannover Ruckversicherungs AG (Hannover Re), E+S Ruckversicherungs AG, International Insurance Co. of Hannover Ltd. (IICH), E+S Reinsurance (Ireland) Ltd., and Hannover Reinsurance (Ireland) Ltd.--all core entities of the German Hannover Re group--to double-'A' from double-'A'-plus.
The ratings on IICH remain on CreditWatch with negative implications pending a full review of the company's stand-alone financial strength in light of its new strategic focus to become the Hannover Re group's carrier for European program business. All ...