SINGAPORE--(BUSINESS WIRE)--AM Best has upgraded the Financial Strength Rating to A+ (Superior) from B++ (Good) and the Long-Term Issuer Credit Rating to “aa” (Superior) from “bbb+” (Good) of ERGO Insurance Pte. Ltd. (Singapore). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect ERGO Insurance Pte. Ltd.’s inclusion as a member of the lead rating unit of Munich Reinsurance Company (Munich Re), which has a balance sheet strength that AM Best assesses as strongest, as well as strong operating performance, very favourable business profile and very strong enterprise risk management.
ERGO Insurance Pte. Ltd. is strategically important to Munich Re for the development of insurance business in Southeast Asia. The company has received explicit support from Munich Re in the form of reinsurance, mirroring the support afforded to other operating entities within the Munich Re group. Additionally, ERGO Insurance Pte. Ltd. benefits from capital injections from the group.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
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