Standard & Poor’s has raised the long-term counterparty credit and insurer financial strength ratings of Dublin-based international healthcare insurer Allianz Worldwide Care, from ‘A−‘ (assigned in November 2007) to ‘A’. Standard & Poor’s Credit Analyst Neil Gosrani stated that “The upgrade reflects Standard & Poor's opinion that AWC's competitive position has further improved through greater geographical diversification and increased penetration of Allianz group's corporate client base". The outlook on the ratings is stable, reflecting Standard & Poor’s expectation that Allianz Worldwide Care will remain a strategically important member of the Allianz Group.
Commenting on the ratings upgrade, Ron Buchan, CEO of Allianz Worldwide Care said: "To have our ratings raised in less than a year is a testament to Allianz Worldwide Care’s continued progress and future potential. We have a strong message of stability during these times of economic uncertainty due to our financial flexibility, profitable underwriting and the continuing global expansion and diversification of our client base. For brokers, clients and local regulators, dealing with an A rated company that has an AA rated parent company offers a much greater sense of confidence for the future, based on a solid track record of performance and reliability”.
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