Fitch Ratings have placed the 'AAA' IFS rating and long-term issue ratings of Munich Re and Swiss Re on Rating Watch Negative.
Fitch Ratings have placed the 'AAA' IFS rating and long-term issue ratings of Munich Re, and Swiss Re on Rating Watch Negative.
The Munich Re rating is based on its first half results, which indicated a combined ratio of 133% for WTC and American Re.
Swiss Re's rating is based on a poor first half 2002 performance, driven by weak investment results and a poor underwriting performance in recent years. Fitch intends to meet with Swiss Re and Munich Re management shortly to review recent developments.
Fitch announced concerns over stock market volatility, which place Munich's current ratings in doubt. Munich Re suffered investment write-downs of over £530m.
The agency has concerns over whether Munich's underwriting skills will enable it to outperform the market over the long-term.
Fitch recognised that Swiss Re's underwriting performance has improved greatly, to a 104% combined ratio in the first half. However, it said that performance is no better than overall market averages, and says that Swiss Re will be challenged to improve performance to levels that are significantly better than peers.
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