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A.M. Best Removes From Under Review and Upgrades Issuer Credit Ratings of Munich Reinsurance Company and Most of its Subsidiaries

A.M. Best has removed from under review with positive implications and upgraded the Long-Term Issuer Credit Ratings (Long-Term ICR) to "aa" from "aa-" and affirmed the Financial Strength Ratings (FSR) of A+ (Superior) of Munich Reinsurance Company (Munich Re) (Germany) and most of its A.M. Best-rated subsidiaries. Concurrently, A.M. Best has upgraded the Long-Term ICR to "a" from "a-" of Munich Re America Corp. (Munich Re America) (Princeton, NJ). At the same time, A.M. Best has upgraded a number of the related Long-Term Issue Credit Ratings (Long-Term IR) of Munich Re and Munich Re America, and assigned Long-Term IRs of "a+" to surplus notes issued by certain U.S. operating companies. A stable outlook has been assigned to all of these Credit Ratings (ratings). (See below for a detailed listing of the companies).

The ratings were placed under review with positive implications on Oct. 13, 2017, following the release of the updated Best's Credit Rating Methodology (BCRM). The ratings have been removed from under review as A.M. Best has completed its analysis of the Munich Re companies under the updated BCRM.

The upgrades reflect A.M. Best's opinion that the rating fundamentals of Munich Re, as analysed under the updated BCRM, are supportive of the revised Long-Term ICR. The ratings reflect Munich Re's balance sheet strength, which A.M. Best categorises as strongest, as well as its strong operating performance, very favourable business profile and very strong enterprise risk management (ERM).