March 16, 2011
Allianz Worldwide Care is delighted to announce the confirmation of its “A stable” financial strength rating from Standard & Poor’s, following a recent review. The rating reflects Standard & Poor's expectation that the international health insurer will revise its investment strategy and reduce its exposure to Irish banks' deposit investments to immaterial amounts over the coming months. This follows the November 2010 rating where the company was placed on “CreditWatch” following the announcement that the ratings of the Republic of Ireland were lowered and placed on “CreditWatch”. Standard & Poor’s believes the insurer’s financial strength to be independent of the financial centre’s sovereign risk.
In addition, it reflects Standard & Poor’s opinion that the company is a strategically important member of the Allianz Group (Allianz SE is rated “AA Stable”) and that it has a competitive position in the international private health insurance niche market, combined with a good operating performance and sound underwriting. Standard & Poor's anticipates that Allianz Worldwide Care's good position will continue to improve as it further expands its business, particularly in new markets with growth potential.
Allianz Worldwide Care’s Director of Sales, Marketing and Operations, Claude Daboul commented: “We’re extremely pleased to have regained our strong ‘A stable’ S&P rating as this is a key factor for both new and renewing clients when assessing an insurer’s overall performance and financial stability. The rating gives a sense of confidence to brokers, clients and local regulators in terms of our performance and long term reliability. This latest good news follows on from an extremely successful 2010 in which the company experienced growth of over 30% in terms of written premiums, highlighting the company’s ability to attract and retain clients in an extremely competitive environment”.
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