Standard & Poor's has affirmed its AA-minus long-term counterparty credit and insurer financial strength ratings on German reinsurer Hannover Re, reflecting the group's "very strong operating performance, strong management team, very strong business position, and strong capitalization".
S&P also affirmed its AA-minus rating on the other core members of the Hannover Re group. The outlook on all core entities is negative.
S&P credit analyst Simon Marshall said: "Quality of capital remains a negative rating factor, although this will be mitigated by the group's commitment to significantly reduce its exposure to reinsurance recoverables. Financial flexibility also remains constrained."
