SINGAPORE, Sept 18 (Bernama-BUSINESS WIRE) — AM Best has affirmed the Financial Strength Rating ofB++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” of ERGO Insurance Pte. Ltd. (ERGO Insurance) (Singapore). The outlook of the FSR is stable, while the Long-Term ICR outlook is negative.
The Credit Ratings (ratings) of ERGO Insurance reflect its balance sheet strength, which AM Best categorises as strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management (ERM). The ratings also factor 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 (ERGO Group), which is the primary insurance arm of Munich Re.