MUMBAI (Thomson Financial) - Standard & Poor's Rating Services said it has revised its outlook on Germany-based reinsurer Hannover Rückversicherung AG and its core units to stable from negative, reflecting 'the expectation that Hannover Re will maintain its very strong operating performance while its competitive position and future earnings will become less reliant upon retrocession'.
S&P said the outlook revision reflects the group's very strong operating performance, strong enterprise risk management, and very strong competitive position, combined with effective management and strategies.
The rating agency also affirmed the 'AA-' counterparty credit and insurer financial strength ratings on the company.
Meanwhile, the outlook on the strategically important International Insurance Co of Hannover Ltd was also revised to stable from negative and its 'A+' counterparty credit and insurer financial strength ratings were affirmed, S&P added. TFN.newsdesk@thomson.com npr/jro COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.