Munich Re Put On Watch
NU Online News Service, March 26, 1:53 p.m. EST?Moody's Investors Service announced that it has placed German-based Munich Reinsurance Group on review for possible downgrade.
The New York City-based credit rating service said the rating action is being taken because of concerns with the company's capitalization. Moody's said this is primarily due to the reduced value of its cross shareholdings, principally in Allianz and HVB, and the expectations that Munich Re's earnings could be hurt from modest investment returns and impairment charges.
The ratings placed on review are:
? Munich Reinsurance Company--insurance financial strength rating of "Aa1."
? American Re-insurance Company--insurance financial strength rating of "Aa2."
? American Re Corporation--senior debt at "Aa3."
? Hamburg-Mannheimer Versicherungs AG--insurance financial strength rating of "Aa1."
? Victoria Lebensversicherung AG--insurance financial strength rating of "Aa1."
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