AMSTERDAM–(BUSINESS WIRE)–#insurance–AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Delvag Versicherungs-AG (Delvag) (Germany).
The Credit Ratings (ratings) reflect Delvag’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The ratings also reflect rating drag due to its association with its financially weaker parent, Deutsche Lufthansa Aktiengesellschaft (Lufthansa).
The revision of Delvag’s outlooks to stable from negative reflect improvements in the creditworthiness of Lufthansa, which are tied to strong performances in 2022 thanks to the uptick in air traffic and to an improvement of the group’s liquidity position. Furthermore, Lufthansa has raised its earning forecast for 2022 by 50% compared with its previous forecast.
AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated throughout the world. For current Best’s Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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