A.M. Best Comments on Ratings of Allianz Global Corporate & Specialty AG

  A.M. Best Comments on Ratings of Allianz Global Corporate & Specialty AG

Business Wire

LONDON -- November 19, 2013

A.M. Best Europe – Rating Services Limited has commented that the financial
strength rating of A+ (Superior) and issuer credit rating of “aa-” of Allianz
Global Corporate & Specialty AG (AGCS AG) (Germany) are unchanged following
the announcement that AGCS AG has adopted the new legal structure of Societas
Europaea and simultaneously merged with its subsidiary, Allianz Global
Corporate & Specialty (France) S.A. (AGCS France), retroactive to 1 January
2013. The new company is named Allianz Global Corporate & Specialty SE (AGCS
SE).

A.M. Best believes that the stand-alone credit profile of AGCS SE will remain
unchanged, with the company expected to maintain its strong risk-adjusted
capitalisation. The conversion is aimed at optimising the group’s capital base
and simplifying its organisational structure. The business profile should not
be affected as AGCS France’s business will be written directly by AGCS SE
going forward.

AGCS SE is a wholly owned subsidiary of Allianz SE. The ratings continue to
benefit from enhancement reflecting the material contribution of AGCS SE to
Allianz SE’s overall business profile and earnings.

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. 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 Company
Charlotte Vigier
Senior Financial Analyst
+(44) 20 7626 6264
charlotte.vigier@ambest.com
or
Anandi Nangy Kotecha
Senior Director
+(44) 20 7626 6264
anandi.nangy-kotecha@ambest.com
or
Rachelle Morrow
Senior Manager, Public Relations
+(1) 908 439 2200, ext. 5378
rachelle.morrow@ambest.com
or
Jim Peavy
Assistant Vice President, Public Relations
+(1) 908 439 2200, ext. 5644
james.peavy@ambest.com
 
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