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Düsseldorf, 12 November 2020 – The rating agency Standard & Poor’s has once again confirmed its “A+” rating for the Deutsche Rückversicherung Group. The outlook remains “stable”, despite the coronavirus crisis. The rating encompasses both Deutsche Rückversicherung AG in Düsseldorf and Deutsche Rückversicherung Switzerland Ltd (DR Swiss) in Zurich.
Standard & Poor’s reported that Deutsche Rück has a sustainable, extremely good capital base, strong competitive position and secure earnings situation. This is supported by risk-adequate underwriting and a conservative strategy for the recognition of reserves. Standard & Poor’s also pointed out that the Deutsche Rück Group has an excellent combined ratio, which has averaged 97.6 % over the last five years, almost two percentage points better than the global market average (99.4 %).
In addition, the rating agency highlighted Deutsche Rück’s strategy of developing its leading role among public insurers, as well as the gradual expansion of its international business – most recently in selected markets in North Africa and the Gulf States – as important factors in the Group’s success. Standard & Poor’s sees these factors as a driver of growth that will also diversify the portfolio. With this in mind, it has confirmed its “A+” rating and the company’s ongoing positive business performance with a stable outlook.
“In a challenging market environment, we once again expanded our strong position in our core business and simultaneously improved our risk diversification – for instance, by entering selected markets in North Africa and the Middle East,” says Frank Schaar, Chief Executive Officer of the Deutsche Rück Group. “With the ‘A+’ rating and stable outlook, Standard & Poor’s has confirmed our strategy of solid, sustainable development. This forms the basis for our reliability in long-term risk partnerships, which our national and international clients value very highly.”
Frank Schaar, CEO