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 Rating (FSR) of A+ (Superior) of Hannover Rück SE (Hannover Re) (Germany) and its main subsidiaries. Concurrently, A.M. Best has removed from under review with positive implications and upgraded the Long-Term Issue Ratings (Long-Term IR) of the existing debt instruments issued by Hannover Re or by Hannover Finance (Luxembourg) SA (Luxembourg) and guaranteed by Hannover Re. The outlook assigned to these Credit Ratings (ratings) is stable. (See below for a detailed listing of companies and ratings.)
The ratings were placed under review with positive implications on 13 October 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 Hannover Re companies under the updated BCRM.
The rating upgrades reflect A.M. Best's opinion that the rating fundamentals of the Hannover Re group, as analysed under the updated BCRM, are supportive of the revised Long-Term ICR. The ratings reflect Hannover 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).