A.M. Best Comments on Allianz SE’s Announcement on Turkish Partnership and Acquisition Business Wire LONDON -- March 28, 2013 A.M. Best Europe – Rating Services Limited has commented on the recent announcement that Allianz SE (Germany) is entering into a long-term partnership with Yapi Kredi and is acquiring Yapi Kredi Sigorta. Allianz SE currently has a financial strength rating of A+ (Superior) and issuer credit rating of “aa-”. Allianz SE recently announced it has reached an agreement to enter into a 15-year exclusive distribution agreement with Yapi Kredi and to acquire Yapi Kredi Sigorta, a property and casualty insurer, and its subsidiary, Yapı Kredi Emeklilik, which writes life and pension business. The combination of Allianz SE’s local company, Allianz Turkey, with the newly acquired operations will give the group a market leading position in Turkey. A.M. Best believes these transactions will enhance Allianz SE’s business profile in a key strategic growth market. With a total net consideration of EUR 684 million, the acquisitions will not have a material impact on Allianz SE’s very strong risk-adjusted capitalisation. A.M. Best will monitor developments with regards to these acquisitions and will consider them as part of its annual rating review of Allianz SE. The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Key criteria utilised include: “Risk Management and the Rating Process for Insurance Companies”; “Understanding Universal BCAR”; “Understanding BCAR for Property/Casualty Insurers”; “Rating Members of Insurance Groups”; “Natural Catastrophe Stress Test Methodology”; and “Insurance Holding Company and Debt Ratings”. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology. In accordance with Regulation (EC) No. 1060/2009, the following is a link to required disclosures: A.M. Best Europe - Rating Services Limited Supplementary Disclosure. A.M. Best Europe – Rating Services Limited is a subsidiary of A.M. Best Company. A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED. Contact: A.M. Best Charlotte Vigier, +(44) 20 7397 0270 Senior Financial Analyst email@example.com or Rachelle Morrow, +(1) 908 439 2200, ext. 5378 Senior Manager, Public Relations firstname.lastname@example.org or Sam Dobbyn, +(44) 20 7397 0264 Associate Director email@example.com or Jim Peavy, +(1) 908 439 2200, ext. 5644 Assistant Vice President, Public Relations firstname.lastname@example.org
A.M. Best Comments on Allianz SE’s Announcement on Turkish Partnership and Acquisition
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