Standard & Poor's has placed its "AA-" long-term counterparty credit and insurer financial strength ratings for Hannover Re...
Standard & Poor's (S&P) has placed its "AA-" long-term counterparty credit and insurer financial strength ratings for Hannover Re and its core entities on creditwatch with negative implications.
S&P said the placement followed the announcement by Hannover Re of its third-quarter results, which included a significant increase in the loss estimates relating to hurricanes Katrina and Rita of some €260m to €640m.
S&P said in a statement: "The group has also indicated that it will report a break-even result for the year, largely because of the impact of Katrina and Rita, and of Hurricane Wilma, which is estimated to cost €150m in the fourth quarter."
The ratings agency said it will meet with Hannover Re's management, and expects to resolve the creditwatch status within 90 days.
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