S&P affirms ratings of Munich Re, Fairfax and NN

2 June 2020 — press.release
During May 2020, S&P Global Ratings affirmed the ratings of multiple (re/)insurance groups and companies, including Munich Re, Fairfax and NN.

Munich Re affirmed at 'AA-' long-term issuer credit and financial strength ratings on the group's core, highly strategic, and guaranteed subsidiaries. "We believe Munich Re's performance will decline in 2020, due to COVID-19 related losses on property and casualty (P&C) reinsurance business and the deterioration of capital markets. We forecast the group's combined ratio at about 103% and the return on equity (ROE) at 3%-6% for year-end 2020, thanks to earnings diversification through primary and life/health reinsurance business," S&P mentions - read press release (standardandpoors.com)

NN Group affirmed at 'A' long-term issuer credit and insurer financial strength ratings, together with its core operating entities, outlook stable. "The affirmation reflects our view that NN is able to withstand the recessionary conditions emerging from the COVID-19 pandemic, thanks to its capital buffers and sound prospective earnings," S&P mentions - read press release (standardandpoors.com)

Fairfax Financial Holdings affirmed its 'BBB-' long-term issuer credit rating, and its 'A-' long-term financial strength and issuer credit ratings on the group's core operating subsidiaries, outlook stable. "The stable outlook is based on our expectation that earnings accrual and capital management initiatives will strengthen capitalization over the next 12-24 months and Fairfax will maintain its strong competitive position anchored by its large insurance operations," S&P mentions - read press release (standardandpoors.com)

Source: standardandpoors.com

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