S&P Global Ratings on May 18 lowered International Insurance Co. of Hannover SE's long-term insurer financial strength and issuer credit ratings to A+ from AA-, with a stable outlook.

The rating agency noted that the German insurer is set to become a joint venture between Hannover Re and HDI Global SE, the latter of which is a core company of Talanx Primary Insurance Group. Talanx AG, which owns the majority of Hannover Re, is the intermediate holding company of the group.

S&P said the downgrade reflects its prospective view of International Insurance Co. of Hannover as a core unit of the group and an important part of its industrial lines operations, while the company's stable outlook reflects the outlook on the group's core operations.

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.