Summary: Talanx AG Jul 09
Standard & Poors, July 2009
Abstract
The rating on Talanx AG (Talanx) reflects its position as the intermediate management holding company of the Germany-based Talanx insurance and reinsurance group (Talanx group). The rating is derived from Talanx's majority shareholding in substantial German primary non-life and life insurance subsidiaries, which mainly operate under the brand name "HDI-Gerling" (collectively referred to as Talanx Primary Insurance Group: TPG, core operating entities rated A+/Stable/--), and its 50.2% stake in Hannover Rueckversicherung AG (Hannover Re; AA-/Negative/--). In Standard & Poor's Ratings Services' view, Talanx benefits from strong financial flexibility (defined as the ability to source capital relative to capital requirements) and Talanx group's strong competitive position, strong consolidated earnings, and conservative management of non-life loss reserve confidence levels. These strengths are...
Companies mentioned in this report are: Talanx AG,Hannover Rueckversicherung AG,HDI Haftpflichtverband der Deutschen Industrie VaG,HDI-Gerling Lebensversicherung AG,neue leben Lebensversicherung AG,TARGO Lebensversicherung AG,HDI Direkt Versicherung AG,HDI-Gerling Industrie Versicherung AG,Aspecta Lebensversicherung AG,PBV Lebensversicherung AG,PB Lebensversicherung AG,HDI-Gerling Firmen und Privat Versicherung AG
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Talanx AG,Hannover Rueckversicherung AG,HDI Haftpflichtverband der Deutschen Industrie VaG,HDI-Gerling Lebensversicherung AG,neue leben Lebensversicherung AG,TARGO Lebensversicherung AG,HDI Direkt Versicherung AG,HDI-Gerling Industrie Versicherung AG,Aspecta Lebensversicherung AG,PBV Lebensversicherung AG,PB Lebensversicherung AG,HDI-Gerling Firmen und Privat Versicherung AG
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