Allianz UK gets Best superior rating

UK -based ratings company, A.M. Best Co. has affirmed the financial strength rating of A+ (Superior) and the issuer credit rating of “aa” of Allianz Insurance plc (AZI), UK. The outlook on both ratings remains stable.

Allianz Holdings plc, AZI’s immediate holding company in the UK, is expected to maintain excellent consolidated risk-adjusted capitalisation during 2009 and 2010 despite likely dividend payments to its parent company Allianz Societas Europaea (Allianz SE).

AZI’s ratings continue to reflect reinsurance support provided by Allianz group subsidiaries and financial flexibility provided by Allianz SE which maintains superior risk-adjusted capitalisation.

A.M. Best anticipates a solid combined ratio in 2009 towards the upper end of the 95 per cent to 100 per cent range (2008: 99.7 per cent per cent) taking into account weak rating conditions for AZI’s core commercial lines of business.

A.M. Best believes that AZI remains strategically important to Allianz SE as its dedicated general insurance operation in the UK market.

The company has an excellent business profile as a leading underwriter of UK commercial and personal lines business.