U.S.-based credit rating agency, A.M. Best, on Tuesday upgraded its view on Allianz Global Corporate & Specialty (AGCS), upping its rating on the global industrial insurer to A+ (Superior) with a stable long-term outlook and upgrading the firm's alternative risk transfer arm, Allianz Risk Transfer AG (ART), to A+ with a stable outlook.
At the same time, ratings agency Standard & Poor's upgraded its own rating on AGCS's business in Japan to AA with a stable outlook.
“We are delighted that both rating agencies have again stressed their confidence in AGCS's financial strength”, comments Axel Theis, CEO of AGCS SE in a statement following the upgrades. “A.M. Best's upgrade of Allianz Risk Transfer's rating reflects this company's success with our global clients looking for innovative solutions and ART's growing strategic importance within AGCS's portfolio of client services.”
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