S&P Global Market Intelligence compiles ratings actions in the insurance space daily through 5 p.m. ET. Actions after 5 p.m. ET will be included in the following day's roundup.
U.S. and Canada
The rating is assigned to insurers with exceptional financial stability related to maintaining positive surplus as regards policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves and realistic pricing.
S&P Global Ratings upgraded its long-term issuer credit rating on Germany-based Talanx AG to A+ from A-. The agency also assigned a long-term insurer financial strength rating of A+ to the insurer.
Additionally, S&P removed the company's long-term issuer credit rating from CreditWatch, where it was placed with positive implications on Oct. 23, 2018.
The outlook on the ratings is stable.
The upgrade reflects the insurer's new role as an operating holding company by becoming the internal reinsurer of Talanx Primary Group starting January. The stable outlook reflects S&P's outlook on Talanx Primary Group's entities as well as the agency's expectation that Talanx's new role will develop in line with its expectations. S&P also expects the financial leverage of Talanx Primary Group to remain well below 30%.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.
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