SINGAPORE, Nov 11 (Bernama-BUSINESS WIRE) — AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of ERGO Insurance Pte. Ltd. (ERGO Insurance) (Singapore). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect ERGO Insurance’s balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management. The ratings also factor in rating enhancement from the company’s ultimate parent, Munich Reinsurance Company (Munich Re or the Munich Re group). ERGO Insurance is a wholly owned subsidiary of ERGO Group AG, which is the primary insurance arm of Munich Re.